Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend FBM ACE 14/06/2010
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As indicated by A, after resisted by the 14, 21, 31 EMA dynamic resistance last Friday, the FBMACE continue to fall on Tuesday, and now testing the 4200 support. If the FBMACE should break below 4200 support, the next support is found at 4113 WinChart Automatic Fibonacci Retracement.

As indicated by B, the Stochastic fell on Tuesday, but not yet breaking below 30%. If the Stochastic should break below 30%, it would be a short term bearish signal for the FBMACE.

As indicated by C, the MACD histogram stayed flat on Tuesday. If later the MACD histogram should form a Rounding Top, it means that the FBMACE is losing strength.

In conclusion, although the FBMACE has not broken below the 4200 support, the immediate technical outlook is on the weaker side. This is because the dotted line has outline the formation of lower-High, which is a characteristic of weakness.

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