Straits Index (M) Sdn Bhd
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Daily Market Analysis
Send to a Friend FBM ACE 21/06/2010
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Despite opening at above the 14, 21, 31 EMA and the L1 line, the FBMACE failed to extend its early gains. In stead, it fell below the L1 line and 14, 21 ,31 EMA again, thus its technical outlook remains on the negative side. Support for the FBMACE is at 4200.

As indicated by B, the Stochastic failed to break above 70%, and therefore, currently still showing a neutral signal. If the Stochastic should later break below 30%, it would be a short term bearish signal for the FBMACE.

As indicated by C, the MACD histogram stopped rising. If the MACD histogram should form a Rounding Top, it means that the FBMACE is losing its strength.

In conclusion, the technical outlook remains unchanged for the FBMACE, with bearish biased. If the FBMACE should break below 4200, the next support will be at 4113 WinChart Automatic Fibonacci Retracement followed by the 4000 psychological support.

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