The FBMACE tested the 14, 21, 31 EMA dynamic resistance on Thursday, but remain resisted by the 14-day EMA. The FBMACE gained only 10.98 points or 0.29%. Support for the FBMACE is still at 3640.

As indicated by B, the Stochastic breaks above 70%, entering the short term bullish territory. If the Stochastic could stay above 70%, the short term movement of the FBMACE is expected to improve futher.

As indicated by C, the MACD line is gradually rising, but still below the zero level, and this suggests that the mid to long term movement of the FBMACE is still weak. However, as the MACD histogram is still ticking higher, it suggests that the short term movement of the FBMACE is showing sign of improvement, and the improvement is expected to carry on until the MACD histogram should form a Rounding Top.

In conclusion, the downtrend of the FBMACE is still intact, and with the FBMACE below the 14, 21, 31 EMA dynamic resistance, the technical outlook for the FBMACE is still bearish biased.

Find this analysis useful? Why not share it with others? Click Here to send this to a friend

Straits Index (M) Sdn Bhd
No. 16, Jalan LP 1A / 5, Lestari Perdana,
43300 Seri Kembangan, Selangor
Hotline: (03) 8941 6828  (5 lines)   Fax: (03) 8941 9828
Email: info@straitsindex.com
© Copyright 1997-2010 Straits Index (M) Sdn Bhd All rights reserved