As indicated by A, the FBMACE broke below the 4302 WinChart Automatic Fibonacci Retracement, ended 39.05 points or 0.9% lower on Thursday. Meanwhile, the FBMACE is still resisted by the 14, 21, 31 EMA, and therefore, the immediate outlook for the FBMACE is still bearish biased. Nonetheless, support for the FBMACE is now at 4187 WinChart Automatic Fibonacci Retracement while the 4302 and 4417 WinChart Automatic Fibonacci Retracement are the resistance.

Meanwhile, the Bollinger Bands expanded 4% on Thursday, with the FBMACE remain below the Bollinger Middle Band. Although the Bollinger Bands only expanded 4%, the downside risk for the FBMACE remain intact. If the Bollinger Bands should continue expand, more downside movement for the FBMACE is expected.

As circled at B, the Stochastic is still staying below 30% level, which is the short term bearish region. Therefore, the short term movement for the FBMACE is bearish biased, and the bearish biased movement is expected to carry on until the Stochastic should break above the 30% level.

As circled at C, the MACD histogram is still falling despite the falling rate is slowing down. Still, the MACD histogram has not formed a Rounding Bottom yet, and therefore, the FBMACE is not gaining any strength nor rebounding right now.

With the Bollinger Bands re-expanding, coupled with the FBMACE resisted by the 14, 21, 31 EMA, the FBMACE is forming a downtrend, and both the Bollinger Middle Band as well as the 14, 21, 31 EMA are serving as the dynamic resistance for the downtrend. In short, provided that the FBMACE is resisted by these dynamic resistance, the outlook for the FBMACE is bearish biased.

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