Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend FBM ACE 13/05/2010
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As indicated by A, the FBMACE rebounded from the 14, 21, 31 EMA, gaining 39.50 points or 0.9% on Friday. Resistance for the FBMACE is at 4431.77 WinChart Automatic Fibonacci Retracement while the support stays at 4235.28 WinChart Automatic Fibonacci Retracement.

As indicated by B, the Stochastic break above 70% by margin, entering the short term bullish territory. However, this signal is yet to be confirmed. But technically, if the Stochastic could stay above 70%, it suggests that the short term movement of the FBMACE is improving.

As circled at C, the MACD histogram is still ticking up, and it is still showing a Rounding Bottom. The rising of the MACD histogram suggests that the FBMACE is still picking up strength, and the improvement shall carry on until the MACD histogram should form a Rounding Top.

In conclusion, with the FBMACE stays above the 14, 21, 31 EMA, the technical outlook is back on the positive territory. However, this does not mean that the FBMACE is forming an uptrend, not until it should form a Higher-Low, or a breakout above its recent resistance.

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