As indicated by A, the FBMACE remain resisted by the 4106 WinChart Automatic Fibonacci Retracement again, closing 1.05 point lower. Nonetheless, the FBMACE managed to stay above the Bollinger Middle Band, and therefore, the immediate outlook for the FBMACE is still bullish biased. Supports for the FBMACE are found at the Bollinger Middle Band followed by the 4037 WinChart Automatic Fibonacci Retracement.

Meanwhile, the FBMACE is still above the 14, 21, 31 EMA, this shows that the FBMACE movement is still improving, but it has not formed an uptrend yet, due to the resistance at the 4106 WinChart Automatic Fibonacci Retracement.

As circled at B, the WinChart RSI retreated slightly on Thursday, while failing to break above the 70% level. This shows that the mid term movement of the FBMACE has not turned bullish yet. Generally, WinChart RSI has to break above and maintain above 70% level, to signal a mid term bullish strength for the FBMACE.

As circled at C, the Stochastic remains above 70% level, in the short term bullish territory. Therefore, this shows that the short term movement of the FBMACE is still on the positive side. Provided that the Stochastic is still above 70%, the short term bullishness of the KLCI shall remains intact. If the Stochastic should break below 70% level, it would be a signal suggesting a beginning of a technical correction.

Despite technical indicators are suggesting improving signals, the FBMACE is still resisted by the 4106 WinChart Automatic Fibonacci Retracement, and therefore, the FBMACE has not formed an valid uptrend.

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