Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend FBM ACE 24/06/2010
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As indicated by A, the FBMACE had its intra-day low below the 4200 again on Friday, but it managed to climb back to above 4200 in the afternoon session, and closing the day with a gain of 24.08 points or 0.57%, at 4230.68 points. Support for the FBMACE remains at 4200 while the 14, 21, 31 EMA and the L1 line are still serving as the dynamic resistance to the FBMACE. Therefore, the technical outlook for the FBMACE remains negative.

As indicated by B, the Stochastic rebounded on Friday, but not yet breaking above 70%. If the Stochastic should break above 70%, it would be a short term bullish signal for the FBMACE.

As indicated by C, the MACD histogram stopped falling on Friday, and if the MACD histogram should begin to tick up, it suggests that the FBMACE is picking up some strength again.

In short, despite rebounding from the 4200 level, the FBMACE technical outlook remains negative. Unless the FBMACE could successfully break above the L1 line and the 14, 21, 31 EMA.

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