Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend FBM ACE 13/06/2010
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On Monday, the FBMACE was still resisted by the 14, 21, 31 EMA dynamic resistance, losing 36.48 points or 0.9%. As indicated by A, the FBMACE is now testing the 4200 support. If the FBMACE should break below this support level, then it would be forming a downtrend, and the next support would be at 4113 WinChart Automatic Fibonacci Retracement.

As indicated by B, the Stochastic failed to return to above 70%, thus not showing any bullish signal. On the other hand, if the Stochastic should later break below 30%, it would be entering the short term bearish territory.

As indicated by C, the MACD histogram stopped rising, and if the MACD his should start falling again, it would form a Rounding Top, thus suggesting that the FBMACE is losing strength again.

In conclusion, the dotted descending line had already outlined the weakness of the FBMACE with formation of lower-highs, but since the FBMACE is still supported by the 4200 level, it has not formed a downtrend yet. If later the FBMACE should break below 4200, the technical outlook of the FBMACE would remain negative.

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