Straits Index (M) Sdn Bhd
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Send to a Friend FBM ACE 30/06/2010
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As indicated by A, the FBMACE is still resisted by the L1 line as well as the 14, 21, 31 EMA. Also it had an intra-day low of 4168.41, breaking below the 4200 support, but again, managed to rebound to close at 4198.18. It is still too close to call for a bearish break out at this moment.

As indicated by B, although the Stochastic has not broken below 30%, it is still stay between 30%~50%, thus showing some bearish biased. Nevertheless, if the Stochastic should break below 30%, it would be a short term bearish signal for the FBMACE.

As indicated by C, the MACD histogram is still below the zero level, and this suggests that the long term movement of the FBMACE is still on the weaker side.

In short, despite that the FBMACE is not considered breaking below its support, the technical outlook remains weak, as the 14, 21, 31 EMA and L1 are still serving as the dynamic resistance. Next support for the FBMACE is at 4113 WinChart Automatic Fibonacci Retracement followed by the 4000 psychological support level.

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