Straits Index (M) Sdn Bhd
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Daily Market Analysis
Send to a Friend FBM ACE 28/04/2010
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As indicated by A, the FBMACE retreated 20.89 points or 0.47% on Thursday, and remain in its consolidation mood. However, the 14, 21, 31 EMA is still serving as the dynamic support to the FBMACE. Resistance for the FBMACE stays at 4431.77 WinChart Automatic Fibonacci Retracement while the support is at 4235.28.

As indicated by B, the Stochastic failed to return to above 70%, and therefore, this suggests that the short term movement of the FBMACE has not returned to bullish biased.

As circled at C, the MACD histogram is still rising, but at a slower pace. If the MACD histogram should start falling, and form a Rounding Top, it means that the FBMACE is losing strength.

In short, the consolidation of the FBMACE remains intact, but with the FBMACE above the 14, 21, 31 EMA, the technical outlook for the FBMACE is still on the positive side. If the FBMACE should later form another higher-low, it is a sign that the uptrend is likely to continue.

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