Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend FBM ACE 09/06/2010
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As indicated by A, the FBMACE is still resisted by the 14, 21, 31 EMA dynamic resistance, gaining 7.49 points on Thursday. Support for the FBMACE remains at 4200, and the next resistance is at 4333.53 WinChart Automatic Fibonacci Retracement.

As circled by B, the Stochastic tick up a little on Thursday, but not yet breaking above 50%. Technically, the Stochastic has to break and stay above 70%, in order to signal a short term bullish biased movement for the FBMACE.

As circled at C, the MACD Histogram is till rising, thus forming a Rounding Bottom. The rising of the MACD histogram suggests that the FBMACE is regaining some strength, and the improvement is expected to continue until the MACD histogram should form a Rounding Top.

In short, despite the MACD histogram is showing improvement signal for the FBMACE (the signal is insignificant), the technical outlook for the FBMACE is still on the negative side, as illustrated by the dotted line. We choose to use a dotted line for the FBMACE has not formed a downtrend yet, but it has formed lower-Highs which is showing us the weakness.

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