Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend FBM ACE 01/06/2010
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As indicated by A, the Bollinger Bands expanded 21%, with the FBMACE still below the Bollinger Middle Band. On Wednesday, the FBMACE fell 19.01 points or 0.4%. Currently, the FBMACE is still testing the 4235 WinChart Automatic Fibonacci Retracement while the resistance is still at 4333.53 WinChart Automatic Fibonacci Retracement.

As circled at B, the Stochastic is still falling, while staying below 30%, in the short term bearish territory. This suggests that the short term movement of the FBMACE is still weak, and the weakness is expected to carry on until the Stochastic could break above 30%.

As indicated by C, the MACD histogram is still falling, and this suggests that the FBMACE is basically still losing strength, and this weakening movement of the FBMACE is likely to continue until the MACD histogram should form a Rounding Bottom.

In conclusion, the technical outlook for the FBMACE is still weak, but it has not really form a downtrend or a bear market yet. Not until it has broken below its important support at the 4000 psychological level.

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