As indicated by A, the FBMACE rebounded strongly, breaking above the Bollinger Middle Band and closing that day at its daily high, up 154.58 points or 3.7%. Despite the sharp rebound of the FBMACE, the Bollinger Bands Width has not expanded, therefore, the bullish signal of the FBMACE is yet to be confirmed. Nevertheless, resistance for the FBMACE is still at 4398 WinChart Automatic Fibonacci Retracement while the support remains at 4031 WinChart Automatic Fibonacci Retracement.

As shown on the chart above, the Bollinger Bands Width stopped contracting, this implies that the Bollinger Bands Width might be expanding soon. If the Bollinger Bands Width should re-expands with the FBMACE above the Bollinger Middle Band, it would be a bullish biased signal for the FBMACE, and the FBMACE likely to test the 4398 WinChart Automatic Fibonacci Retracement.

As circled at B, the Stochastic rebounded strongly, breaking above 70% level, re-entered the short term bullish territory. This shows that the FBMACE is likely to return to its short term bullish movement. If the Stochastic should maintain above the 70% level, the short term movement of the FBMACE is expected to be on the positive side.

As circled at C, the MACD histogram stopped falling, implying that the MACD histogram might be forming a Rounding Bottom. If the MACD histogram should form a Rounding Bottom, it means that the consolidation has ended and the FBMACE is likely to regain some strength.

As the market volume begins to increase, coupled with the FBMACE returning to above the Bollinger Middle Band, the FBMACE is showing some signs of improvement, but the resume of its uptrend is yet to be confirmed by the re-expansion of the Bollinger Bands Width. In short, if the Bollinger Bands Width should re-expands with the FBMACE above the Bollinger Middle Band, the outlook for the FBMACE is expected to be bullish biased.

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