Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend FBM ACE 06/07/2010
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As indicated by A, the FBMACE rebounded 20.98 points or 0.5% on Wednesday, but still it is staying below the 14, 21, 31 EMA dynamic resistance as well as the L1 downtrend line. Therefore, this means that the downtrend of the FBMACE is still intact.

As indicated by B, the Stochastic rebounded from 30%, thus not triggering any short term bearish signal. Generally, if the Stochastic should stay around 50%, it suggests that the short term movement of the FBMACE is consolidating in a sideways manner.

The MACD histogram stopped declining on Wednesday, and it might be forming a Rounding Bottom. However, as indicated by C, the MACD line remains below the zero line, thus suggesting that the mid to long term movement of the FBMACE is still on the weaker side.

In conclusion, the technical outlook for the FBMACE remains weak, despite the rebound on Wednesday. The weakening trend shall remains intact, until the FBMACE could successfully break above the 14, 21, 31 EMA or the L1 downtrend line.

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