Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend FBM ACE 09/05/2010
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As indicated by A, the FBMACE tested the 14, 21, 31 EMA on Monday, but it ended up losing 19.26 points or 0.4%, closing at 4230.25 points. Support for the FBMACE is at 4113.73 WinChart Automatic Fibonacci Retracement while the resistance is at the 14, 21, 31 EMA followed by 4333.53 WinChart Automatic Fibonacci Retracement.

As circled at B, the Stochastic remains below 30%, in the short term bearish territory. This suggests that the short term movement of the FBMACE is still weak, and the weakness is expected to stay in tact until the Stochastic could successfully break above 30%.

As circled at 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 could form a Rounding Bottom.

In conclusion, the technical outlook for the FBMACE remains weak, but it has not really forming a downtrend, for the FBMACE is yet to form a Lower-high; further more, it has not broken below a new low.

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