Straits Index (M) Sdn Bhd
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Daily Market Analysis
Send to a Friend FBM ACE 08/06/2010
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As indicated by A, the FBMACE was precisely resisted by the 14, 21, 31 EMA on Wednesday, losing 13.01 points or 0.3% at the close. Therefore, the 14, 21, 31 EMA is still serving as the dynamic resistance to the FBMACE while the support is at 4200.

As indicated by B, the Stochastic failed to break above 70%, thus no short term bullish biased signal just yet. If the Stochastic should break below 30% again, it would be a signal suggesting that the short term movement of the FBMACE is returning to its bearish biased movement.

As circled at C, the MACD histogram is still rising, thus the Rounding bottom is still intact. This suggests that the FBMACE is generally gaining some strength, and the improvement shall continue until the MACD should form a Rounding Top.

With the FBMACE still resisted by the 14, 21, 31 EMA, this shows that the FBMACE is unable to break away from the current negative technical outlook. If the FBMACE should later break below the 4200 support, more downside movement is likely for the FBMACE. Next supports for the FBMACE are found at 4113.73 WinChart Automatic Fibonacci Retracement followed by the 4000 psychological level.

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