As indicated by A, the FBMACE gained 89.28 points or 2.25% on Thursday, closing at 4062.97 points. Resistance for the FBMACE is at 4100 while the support is at 3860 followed by the 14, 21, 31 EMA dynamic support.

As indicated by B, the Stochastic stays above 70%, in the short term bullish region. This suggests that the short term movement of the FBMACE is still bullish biased.

As indicated by C, the MACD histogram is still falling, thus implying that the FBMACE is not yet breaking away from its consolidation, unless the MACD histogram should form a Rounding Bottom.

In conclusion, after breaking above the 14, 21, 31 EMA and breaking away from the downtrend, the FBMACE is showing positive improvement for the short term. Technically, as long as the FBMACE is still above the 14, 21, 31 EMA dynamic support, the immediate technical outlook for the FBMACE is still positive.

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