Straits Index (M) Sdn Bhd
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Daily Market Analysis
Send to a Friend FBM ACE 26/05/2010
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As indicated by A, the FBMACE fell 9.97 points or 0.2% on Thursday, but the Bollinger Bands is still contracting, thus the FBMACE is not yet breaking away from its consolidation. Resistance for the FBMACE stays at 4431.77 WinChart Automatic Fibonacci Retracement while the support is still unchanged at 4235.28 WinChart Automatic Fibonacci Retracement.

As indicated by B, the Stochastic is now testing 30%, and if the Stochastic should break below 30%, it would be a short term bearish signal for the FBMACE, suggesting that the short term movement of the FBMACE is likely to be weak..

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

In conclusion, the FBMACE is still consolidating. But with the FBMACE below the Bollinger Middle Band, the immediate technical outlook is slightly on the negative side. If the Bollinger Bands should re-expand while the FBMACE stays below the Bollinger Middle Band, it would be a negative signal for the FBMACE.

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