Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend FBM ACE 23/06/2010
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As indicated by A, the FBMACE had its intra-day low below the 4200 support, but it managed to rebound at the last minute, gaining 1.27 point at the close. Despite being supported by the 4200 level, the immediate technical outlook for the FBMACE remains weak, for the FBMACE is still below the 14, 21 ,31 EMA as well as the L1 line.

As indicated by B, the Stochastic rebounded on Thursday, not breaking below 30%. Therefore, it has not triggered a short term bearish signal for the FBMACE yet.

As indicated by C, the MACD histogram is still falling, but at a slower pace. Nevertheless, the falling of the MACD histogram suggests that the FBMACE is still losing strength.

In short, the weaker technical outlook for the FBMACE remains intact. If the FBMACE should break below the 4200 level, more downside movement is likely for the FBMACE, and the next support are found at 4113 WinChart Automatic Fibonacci Retracement followed by the 4000 psychological level.

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