As indicated by A, the FBMACE opened at the Bollinger Middle Band, and ended at its daily high of 4480.79 points, upped 138.34 points or 3.2%. The Bollinger Middle Band is still the dynamic support for the FBMACE, and the 4329 WinChart Automatic Fibonacci Retracement is another support for the FBMACE. Resistance for the FBMACE is at 4488 WinChart Automatic Fibonacci Retracement.

As shown on the chart above, the Bollinger Bands expanded 32%, with the FBMACE above the Bollinger Middle Band. Therefore, the expansion of the Bollinger Bands suggesting a bullish signal for the FBMACE, and if the Bollinger Bands should continue expanding, the FBMACE is likely to break above the 4488 WinChart Automatic Fibonacci Retracement.

As circled at B, the Stochastic broke above 70% level on Wednesday, reaching 100%. This shows that the short term movement of the FBMACE is indeed bullish. Generally, provided that the Stochastic could stay above 70% level, the short term bullishness of the FBMACE is expected to carry on.

As circled at C, the MACD histogram rose on Wednesday, forming a Rounding Bottom. This is a signal suggesting a technical rebound or the FBMACE is regaining its strength. Therefore, if the MACD histogram should continue rising, and break above the zero level, the FBMACE is likely to regain its strength.

In short, the FBMACE has returned to above the Bollinger Middle Band, with he Bollinger Bands expanding, has lifted the immediate outlook for the FBMACE. But still, the 4488 resistance remain intact. Provided external factors shall remain unchanged, the bullish biased movement of the FBMACE is likely to continue.

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