Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend FBM ACE 03/06/2010
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On Monday, the FBMACE had its intra-day high reaching 4249.43 point, but as it approach the 14, 21, 31 EMA dynamic resistance, it started falling, closing the day 28.49 points or 0.67% lower. As indicated by A, the FBMACE is now testing the 4200 support level, and if it should break below this level, the next supports are found at 4113 WinChart Automatic Fibonacci Retracement followed by the important 4000 psychological support.

As indicated by B, the Stochastic remains below 30%, in the short term bearish territory. This suggests that the short term movement of the FBMACE is still weak.

As indicated by C, the MACD histogram failed to form a Rounding Bottom, the MACD histogram started falling again on Monday. This means that the FBMACE is unable to regain its strength, and the weakness shall continue if the MACD histogram should continue to fall.

In conclusion, with the FBMACE below the 14, 21, 31 EMA, the technical outlook is negative. However, if the FBMACE could rebound from the 4200 again, it is likely to the FBMACE could temporary consolidate while not further dampening the technical outlook.

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