As shown on the chart above, the FBM2nd Board Index continue its consolidation above the 4375.68 WinChart Automatic Fibonacci Retracement, closing 24.47 points lower to 4443.73 points. However, as indicated by A, the 14, 21, 31 EMA is still the dynamic resistance for the FBM2nd Board Index, and therefore, this suggests that the outlook for the FBM2nd Board Index is still bearish biased. Other than the 14, 21, 31 EMA, the 4761.47 WinChart Automatic Fibonacci Retracement is also the resistance for the FBM2nd Board Index.

As circled at B, the Stochastic is still below 30%, and the short term bearish signal remains intact. Unless the Stochastic could break above 30%, which would be a signal of a technical rebound, the short term movement for the FBM2nd Board Index is likely to remain weak.

As circled at C, the MACD histogram rounding bottom remain intact, suggesting a consolidation

for the FBM2nd Board Index. If the MACD histogram should continue rising, the short term movement for the FBM2nd Board Index is likely to improve.

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