As indicated by A, the FBMACE rebounded 27.02 pts or 0.6% on Thursday, but still remained below the Bollinger Middle Band. This shows that the immediate outlook for the FBMACE is still on the negative side while at the moment, the FBMACE has no signs of regaining its strength. Resistance for the FBMACE is still at 4398 WinChart Automatic Fibonacci Retracement while the 4031 WinChart Automatic Fibonacci Retracement is still the support.

As shown on the chart above, the Bollinger Bands Width contracted 1%, suggesting the FBMACE has not formed a downtrend, but remains in consolidation mood. Nevertheless, with the FBMACE staying below the Bollinger Middle Band, it implies that the FBMACE movement might be weakening. If the Bollinger Bands Width should expand with the FBMACE below the Bollinger Middle Band, the FBMACE is likely to decline.

As circled at B, the Stochastic rebounded and broke above the 30% level by margin. If the Stochastic should break above the 30% level successfully, the short term bearish movement of the FBMACE will not be formed, and the FBMACE would consolidate further with weakness.

As circled at C, the MACD histogram declined further, suggesting the FBMACE is indeed not gaining at strength. Since no Rounding Bottom is sighted yet, the weakening movement of the FBMACE is expected to continue, until the MACD histogram should form a Rounding Bottom.

Despite some negative biased signals from the Stochastic and the MACD histogram, the FBMACE has not formed a downtrend as the Bollinger Bands Width has not expanded. Therefore, the FBMACE is still at its consolidation while still gearing up for a new movement.

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