Straits Index (M) Sdn Bhd
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Daily Market Analysis
Send to a Friend FBM ACE 30/05/2010
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As indicated by A, the Bollinger Bands of the FBMACE expanded 33%, with the FBMACE below the Bollinger Middle Band. This suggests that the FBMACE is breaking away from its consolidation, but the Bollinger Bands is showing a weaker signal. If the Bollinger Bands should continue to expand while the FBMACE below the Bollinger Middle Band, more downside movement is likely for the FBMACE.

The FBMACE is currently testing the 4235.28 support, and if the FBMACE should break below this support, the next support would be a 4113.73 WinChart Automatic Fibonacci Retracement. Resistance for the FBMACE is now at 4333.53 WinChart Automatic Fibonacci Retracement.

As indicated by B, the Stochastic fell below 30%, entering the short term bearish territory. If the Stochastic should stay below 30%, it suggests 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 still losing strength. The weakening of the FBMACE is expected to continue until the MACD histogram should form a Rounding Bottom.

Despite the weakening signal from the Bollinger Bands, the FBMACE has not formed a downtrend, for it has not broken below its important support.

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