Straits Index (M) Sdn Bhd
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Send to a Friend FBM ACE 03/06/2010
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As indicated by A, the FBMACE rebounded 24.76 points or 0.6% on Friday, and therefore, we are determining the immediate support for the FBMACE is now at 4200 level, while the resistance is still at 4333 WinChart Automatic Fibonacci Retracement. Meanwhile, with the FBMACE below the 14, 21, 31 EMA, the technical outlook is on the weaker side.

As indicated by B, the Stochastic rebounded slightly, but failed to break above 30%. Therefore, the Stochastic is still staying in the short term bearish territory, suggesting that the short term movement of the FBMACE is still weak.

As indicated by C, the MACD histogram ticked up on Friday, and the MACD histogram might be forming a Rounding Bottom. Nevertheless, if the MACD histogram should continue rising, it means that the FBMACE is picking up some strength.

After falling for many days, the FBMACE rebounded on Friday, technically. However, this does not change the bearish biased technical outlook. Not at least until the FBMACE could break above the 14, 21, 31 EMA.

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