Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend FBM ACE 15/06/2010
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As indicated by A, the FBMACE was supported by the 4200 level, and rebounded 42.64 points or 1% to close at 4250.05 points. Currently, the FBMACE is testing the 14, 21, 31 EMA dynamic resistance as well as the dotted descending line. If the FBMACE could break above these resistance, the negative technical outlook would come to an end, and the next resistance for the FBMACE would be a 4333.53 WinChart Automatic Fibonacci Retracement.

As indicated by B, the Stochastic breaks above 70% by margin on Wednesday, this suggests that the Stochastic is entering the short term bullish territory. If the Stochastic could sustain above 70%, the short term movement of the FBMACE is likely to be positive.

As indicated by C, the MACD histogram did not form a Rounding Top, and started ticking up again. Therefore, the rising of the MACD histogram suggests that the FBMACE is picking up some strength again.

In conclusion, although the FBMACE is supported by the 4200 level, and now testing the dynamic resistance, it has not shown any reversal yet. Not until the FBMACE could form a higher-low after breaking above the 14, 21, 31 EMA.

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