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As indicated
by A, the FBMACE was still traded in a
narrow range, gaining 10.90 points to close
at 4286.55 points. The FBMACE is still
supported by the 14, 21, 31 EMA dynamic
support, while the resistance is at 4350
points.
As indicated
by B, the Stochastic is still staying above
70%, in the short term bullish territory.
This suggests that the FBMACE short term
movement is still positive, despite the
current consolidation.
As circled at
C, the MACD histogram is still falling,
while the Rounding Top remains intact. This
suggests that the FBMACE is still in its
consolidating mode.
In conclusion,
the FBMACE is consolidating, with positive
technical outlook. In fact, the current
sideways consolidation is the best technical
scenario for the FBMACE, which is likely
pave the way for the breakout above 4350
resistance.
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