As shown on the chart above, the FBMACE ended almost unchanged, losing only 5.55 points or 0.1%. Support for the FBMACE is at 4231 WinChart Automatic Fibonacci Retracement while the resistance are found at the Bollinger Middle Band and the 4329 WinChart Automatic Fibonacci Retracement.

As indicated by A, the FBMACE is still below the Bollinger Middle Band, and therefore, the immediate outlook for the FBMACE is still bearish biased. However, since the Bollinger Bands is not really expanding yet, the FBMACE has not formed a downtrend. Nevertheless, if the Bollinger Bands should expand with the FBMACE below the Bollinger Middle Band, more downside movement is expected for the FBMACE.

As circled at B, the Stochastic is still below 30% level, which is the short term bearish region. This suggests that the short term movement for the FBMACE is bearish biased, until the Stochastic should break above the 30% level.

As circled at C, the MACD histogram has not formed a Rounding Bottom, despite that the FBMACE has been moving sideways. Generally, the MACD histogram has to form a Rounding bottom to suggests a technical rebound for the FBMACE.

The FBMACE is still moving sideways within the 4231 and 4329 WinChart Automatic Fibonacci Retracement, and with the Bollinger Bands still has not expanding, the consolidation is likely to carry one. Nevertheless, with the FBMACE below the Bollinger Middle Band, the immediate outlook for the FBMACE is still bearish biased.

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