As shown on the chart above, although the FBM2nd Board Index attempted to break above the 4000 points, but failed at the end, while closing 3965.36 points. Therefore, the 4000 points is now the resistance. Meanwhile, as indicated by A, the Bollinger Middle Band is still serving as the dynamic resistance for the FBM2nd Board Index, and as long as the FBM2nd Board Index is still below the Bollinger Middle Band, the immediate outlook for the FBM2nd Board Index is still bearish biased. Nevertheless, since the Bollinger Bands Width is contracting, the FBM2nd Board Index is likely to consolidate.

As circled at B, the Stochastic rebound slightly again on Wednesday but remained below 30% level, and therefore, the Stochastic is still showing a short term bearish signal for the FBM2nd Board Index.

As circled at C, the MACD histogram began to tick up on Wednesday, and it might be forming a rounding bottom. If the MACD histogram should form a rounding bottom, it would be a signal suggesting a consolidation for the FBM2nd Board Index, or even a chance for the FBM2nd Board Index to regain its strength.

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