On Thursday, the FBMACE rebounded 36.09 points or 0.9%, to close at 4101.49 points. Therefore, the 4031 WinChart Automatic Fibonacci Retracement is still the support for the FBMACE while the resistance remains at 4398 WinChart Automatic Fibonacci Retracement.

Despite the rebound on Thursday, the FBMACE remains resisted by the 14, 21, 31 EMA dynamic resistance, as indicated by A. If the FBMACE should break above this dynamic resistance, it would end the current downtrend. However, if the FBMACE should be resisted by the dynamic resistance again after this rebound, the downtrend remains intact.

As circled at B, the Stochastic rebounded on Thursday, breaking above the 30% by margin. This is a signal suggesting a technical rebound for the FBMACE. If the Stochastic could also break above the 50% level, the technical rebound would carry on. As for whether the FBMACE could resume its rally, the Stochastic has to break above the 70% level.

As circled at C, the MACD histogram rebounded slightly, and might be forming a Rounding Bottom. If the MACD histogram should form a Rounding bottom, it would be a signal suggesting that the FBMACE is regaining some strength.

The rebound of the FBMACE on Thursday caused the Stochastic and MACD histogram to rebound, signaling some improvement in the short term movement of the FBMACE. Despite a slight improvement of the short term indicators, the FBMACE remains below the Bollinger Middle Band as well as the 14, 21, 31 EMA. Therefore, the downtrend remains intact, until the FBMACE could successfully break above these dynamic resistance.

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