As shown on the chart above, the FBMACE had its intra-day low at 4021.96 points, but rebounded sharply, just before the market closed, closing at 4090.50 points, upped 22.83 points or 0.6%. As indicated by A, the FBMACE is now testing the 14, 21, 31 EMA again, while closing at the congestion zone of the EMA. If the FBMACE should break above the EMA successfully, the FBMACE would break away its bearish biased movement.

Meanwhile, the Bollinger Bands contracted another 17%, suggesting that the FBMACE is still consolidating. However, the FBMACE is now above the Bollinger Middle Band, and therefore, the immediate outlook for the FBMACE is on the positive side. If the Bollinger Bands should expands with the FBMACE above the Bollinger Middle Band, it would be a bullish signal for the FBMACE. Nevertheless, support for the FBMACE is now at 4030 WinChart Automatic Fibonacci Retracement while the resistance is seen at 4300 level.

As circled at B, the WinChart RSI is still below 50% level, suggesting that the mid term strength for the FBMACE is still at neutral. Generally, WinChart RSI has to break above, and maintain above the 70% level, to signal a mid term bullish movement for the FBMACE.

As circled at C, the Stochastic continue to climb on Thursday, while still staying above the 70% level. Therefore, the short term movement of the FBMACE is now bullish biased. If the Stochastic should maintain above 70% level, more upside biased short term movement for the FBMACE is expected.

After attempted to break the 14, 21, 31 EMA for many times recently, the FBMACE managed to close at the EMA for the first time. Although it has not totally broken away from the bearish biased movement, there are signs of improvement, while still waiting for the confirmation of the re-expansion of the Bollinger Bands. In short, if the Bollinger Bands Width should expand with the FBMACE above the Bollinger Middle Band, the improvement of the FBMACE is expected to continue.

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