Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend FBM ACE 10/06/2010
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As indicated by A, the FBMACE tested the 14, 21, 31 EMA on Friday, gaining 4.34 points. However, it has not broken above the 14, 21, 31 EMA, and the 14, 21, 31 EMA is still serving as the dynamic resistance. Support for the FBMACE remains at 4200.

As indicated by B, the Stochastic broke above 50% by margin on Friday, thus not showing any short term bearish signal. However, it is not yet showing any bullish biased signal neither, unless it could break above 70%.

As circled at C, the MACD histogram is still rising, thus the Rounding Bottom pattern is still in-sight. The rising of the MACD histogram suggests that the FBMACE is picking up some strength, and the improvement is expected to carry on until the MACD histogram should form a Rounding Top.

In conclusion, the immediate technical outlook for the FBMACE remains negative, as the FBMACE is still resisted by the 14, 21, 31 EMA, and also below the dotted descending line. Technically, the FBMACE would have to break above the 14, 21, 31 EMA, and followed by a formation of a higher-low, then only it is showing a sign of a possible reversal.

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