Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend FBM ACE 26/04/2010
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As indicated by A, the FBMACE started to retreat after being resisted by the 4431.77 WinChart Automatic Fibonacci Retracement. The FBMACE shed 33 points or 0.74% on Tuesday. Resistance for the FBMACE is at 4431.17 while the support is at the 14, 21, 31 EMA dynamic support as well as the 4333.53.

As circled at B, the Stochastic fell below 70% by margin. If the Stochastic should continue to fall, it means that the FBMACE is having its technical correction. Technically, the Stochastic would have to return to above 70% in the near future in order for the FBMACE to resume its uptrend.

As indicated by C, the MACD is still rising, despite the falling of the FBMACE on Tuesday. Therefore, the MACD histogram is not forming a Rounding Top yet. If the MACD histogram should form a Rounding Top, it means that the FBMACE is losing strength, as a form a technical correction.

In conclusion, the correction or a consolidation for the FBMACE is healthy. Provided that the FBMACE would still be supported by the 14, 21, 31 EMA after this correction, and the uptrend shall remain intact.

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