As indicated by A, the FBMACE broke below the Bollinger Middle Band as well as the 4329 WinChart Automatic Fibonacci Retracement on Thursday, closing 89.90 points or 2.1% lower. Support for the FBMACE is now at 4231 WinChart Automatic Fibonacci Retracement while the resistance is at 4329 WinChart Automatic Fibonacci Retracement as well as the Bollinger Middle Band.

As shown on the chart above, the Bollinger Bands expanded 3%. Although the expansion was too small for any signal, the FBMACE is indeed below the Bollinger Middle Band; therefore, the immediate outlook for the FBMACE is bearish biased. If the Bollinger Bands should continue to expand with the FBMACE below the Bollinger Middle Band, more downside risk is expected to the FBMACE.

As circled at B, the Stochastic fell sharply, touching 0%, entering the short term bearish region. This suggests that the FBMACE short term movement is now bearish biased, and provided that the Stochastic is still below 30% level, the short term bearish sentiment is likely to extend.

As circled at C, the MACD histogram breaks below the zero line, suggesting that the short term movement of the FBMACE is still weakening, and the weakening of the FBMACE is expected to continue, until the MACD histogram should form a Rounding Bottom.

After contracting for more than a week, the Bollinger Bands finally expanded, but unfortunately, with the FBMACE below the Bollinger Middle Band. In other words, it is crucial for the FBMACE to return to above the Bollinger Middle Band in immediate term, or else, if the Bollinger Bands should continue to expand with the FBMACE below the Bollinger Middle Band, the outlook for the FBMACE is expected to be bearish biased.

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