Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend FBM ACE 20/05/2010
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As indicated by A, the FBMACE is still trading at a narrow range, gaining 19.63 points on Friday. The Bollinger Bands is still still contracting, and this suggests that the FBMACE is still consolidating. Current, the FBMACE is still staying around the 4333.53 WinChart Automatic Fibonacci Retracement, and the resistance is at 4431.77; while the support is at 4235.28 WinChart Automatic Fibonacci Retracement.

As circled at B, the Stochastic rebounded on Friday, and as a result, it managed to stay above 70%, in the short term bullish territory. This suggests that the short term movement of the KLCI is still positive.

As indicated by C, the MACD histogram is still rising, thus not yet forming a Rounding Top. The rising of the MACD histogram suggests that the FBMACE is still picking up its strength, and the improvement shall continue, until it should form a Rounding Top.

In short, the FBMACE is still trendless right now, and we shall monitor the Bollinger Bands. If the Bollinger Bands should re-expand with the FBMACE above the Bollinger Middle Band, it would be a positive signal for the new movement.

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