Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend FBM ACE 05/05/2010
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As indicated by A, the FBMACE opened higher on Friday. However, it failed to keep its early gains, but ended the day with 17.37 points of losses, to close at 4249.51 points. The FBMACE is still testing its 4235.28 WinChart Automatic Fibonacci Retracement support while the resistance stays at 4333.53 WinChart Automatic Fibonacci Retracement as well as the 14, 21, 31 EMA dynamic resistance.

As indicated by B, the Stochastic stays below 30%, in the short term bearish territory. This suggests that the short term movement of the FBMACE is expected to stay weak.

As indicated by C, the MACD histogram is still falling, and this suggests that the FBMACE is still losing strength, and the weakening of the FBMACE is expected to carry on until the MACD histogram should form a Rounding Bottom.

Although the FBMACE has not formed the lower-high like the KLCI had, the short term movement of the FBMACE remains weak. Unless the FBMACE could successfully break above the 14, 21 ,31 EMA, the technical outlook for the FBMACE is expected to stay negative for now.

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