Straits Index (M) Sdn Bhd
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Daily Market Analysis
Send to a Friend FBM ACE 16/06/2010
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As indicated by A, the FBMACE was still resisted by the 14, 21, 31 EMA dynamic resistance as well as the L1 line on Thursday, losing 26.77 points or 0.6%. This suggests that the technical outlook for the FBMACE is still weak, and the support is at 4200.

As indicated by B, the Stochastic failed to stay at above 70%, thus ended the short term bullish signal. Generally, if the Stochastic should stay around 50%, the market movement for the short term is expected to be at neutral.

As indicated by C, the MACD histogram although has not formed a Rounding Top, it is not really rising, thus the signal is unclear now. If one should find any ambiguity of the secondary signals, the priority of the analysis should be based on the price movement and the primary indicators.

In conclusion, the FBMACE is still not forming a downtrend, despite its bearish biased technical outlook. This is because it has not broken below the 4200 support.

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