As indicated by A, the FBMACE remain resisted by the 14, 21, 31 EMA dynamic resistance, closing 18.83 points lower at 4122.55 points. This shows that the FBMACE is still consolidating with weakness.

Meanwhile, the Bollinger Bands Width contracted another 13%, suggesting that the FBMACE is still consolidating, while preparing for a new movement. However, the direction of the new movement shall only be revealed when the Bollinger Bands Width re-expands. Nevertheless, support for the FBMACE is still at 4031 WinChart Automatic Fibonacci Retracement while the resistance remains at 4398 WinChart Automatic Fibonacci Retracement.

As circled at B, the Stochastic remains around 50% level, and therefore, the FBMACE short term movement has not entered the bullish territory. If the Stochastic should retreat and break below 30% level, it would be a signal suggesting that the short term movement of the FBMACE is turning bearish again.

As circled at C, the MACD histogram is still rising gradually, and the Rounding Bottom is still intact. This suggests that the FBMACE is still at a technical rebound stage. If the MACD histogram should break above the zero level, entering the positive region, the FBMACE is expected to pick up some strength.

Despite the improvement of the Short term movement, it has to be confirmed by the re-expansion of the Bollinger Bands Width. Also, the FBMACE has to break above the 14, 21, 31 EMA dynamic resistance line to break away from this bearish biased consolidation.

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