Straits Index (M) Sdn Bhd
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Daily Market Analysis
Send to a Friend FBM ACE 05/05/2010
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As indicated by A, the FBMACE rebounded 40.29 points after falling for some days. However, this does not change the picture of the short term bearish biased status of the FBMACE. Support for the FBMACE are found at 4235.28 followed by 4113.73 WinChart Automatic Fibonacci Retracement while the resistance is at 4333.53 WinChart Automatic Fibonacci Retracement.

As circled at B, the Stochastic rebounded on Thursday, but it remains below 30%, in the short term bearish territory. This suggests that the short term movement of the FBMACE is still weak.

As indicated by C, the MACD histogram is still falling, thus the Rounding Top is still in place. The falling of the MACD histogram suggests that the FBMACE is still losing strength.

In conclusion, the FBMACE rebound on Thursday is normal, but it does not change the short term bearish biased movement status, not unless the FBMACE could return to above the 14, 21, 31 EMA.

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