Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend FBM ACE 03/05/2010
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As indicated by A, the FBMACE continue to fall on Tuesday, and breaking slightly below the 14, 21, 31 EMA with its intra-day trading. However, before the market closes, the FBMACE rebounded slightly to close at the 31-EMA level, losing 81.30 points or 1.85%. Since the FBMACE broke below 4333 WinChart Automatic Fibonacci Retracement, the next support is seen at 4235 WinChart Automatic Fibonacci Retracement while the resistance stays at 4431.

As indicated by B, the Stochastic breaks below 50% by margin, and this suggests that the FBMACE short term is still losing strength. If the Stochastic should break below 30%, it would be a short term bearish biased signal for the FBMACE.

As circled at C, the MACD histogram is falling, thus forming a Rounding Top. The falling of the MACD histogram suggests that the FBMACE short term movement is losing strength.

In short, the FBMACE failed to rebound from the 14, 21, 31 EMA, and therefore, it has not formed a higher-low. If the FBMACE should break below 14, 21, 31 EMA, the technical outlook for the FBMACE would turn to slightly negative, but it does not mean that the FBMACE is forming a downtrend immediately.

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