Straits Index (M) Sdn Bhd
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Daily Market Analysis
Send to a Friend FBM ACE 10/05/2010
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As indicated by A, the FBMACE rebounded 26.62 points or 0.63% on Tuesday, but it is still staying below the 14, 21, 31 EMA, thus the technical outlook for the FBMACE is still weak. Resistance for the FBMACE is at 4333.53 WinChart Automatic Fibonacci Retracement while the support is seen at 4235 WinChart Automatic Fibonacci Retracement followed by the 4113.73.

As indicated by B, the Stochastic rebounded slightly on Tuesday, but it has not broken above 30%, and this suggests that the short term bearish biased signal for the FBMACE remains intact.

As indicated by C, the MACD histogram is still falling, but with a slower pace. If the MACD histogram should stop falling and later form a Rounding Bottom, it means that the FBMACE is picking up some strength.

In conclusion, the technical outlook is still slightly on the negative side for now, but it has not formed a downtrend yet, for it has not formed a lower-High, nor breaking below an important support. As for any positive reversal, the FBMACE would have to first form a Higher-Low.

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