FBM SCAP 13-02-12

Last week I mentioned at FBM SCAP 09-02-12 that a pullback is expected in the near term but still need to wait for the confirmation and I got it today !!!

Last Friday it closed with doji candlestick indicate indecisiveness in the small cap stocks toward the upside and probably profit taking activities would take place after 2 months long run rallies and today closed with a black candlestick as a confirmation with Stochastic bearish crossover, MACD histogram turn red.

This pullback would be a good buying opportunities for trader who miss the previous rally with a buy at support strategy. As such, immediate resistance is at 13440 (blue line) and support can be found at 12975 (red line) which is coincide with the 10-days MA.