As indicated by A, the FBMACE broke above the Bollinger Middle Band on Friday, closing 35.27 points or 0.8% higher. Support for the FBMACE is now at 4302 WinChart Automatic Fibonacci Retracement while the resistance is at 4417 WinChart Automatic Fibonacci Retracement.

With the FBMACE now above the Bollinger Middle Band, the immediate outlook for the FBMACE is bullish biased. However, the Bollinger Bands is still contracting, thus has not signaled any bullish movement for the FBMACE yet. Nevertheless, provided that the FBMACE could remain above the Bollinger Middle Band, and when the Bollinger Bands should re-expand, the FBMACE is likely to gain some strength.

As circled at B, the Stochastic breaks above 50% level on Friday, suggesting some improvement of the short term movement. If the Stochastic should break above 70% level, it would be a short term bullish signal for the FBMACE.

As circled at C, the MACD histogram is still rising, while the Rounding Bottom is still intact. This shows that the FBMACE is still having its technical rebound, and if the MACD histogram should break above the zero level, the improvement of the FBMACE is expected to continue, and the FBMACE is likely to pick up more strength.

Despite improvement signals from the MACD histogram and the Stochastic, the Bollinger Bands has not shown any bullish signal yet. Nonetheless, if the FBMACE should stay above the Bollinger Middle Band, the immediate outlook for the FBMACE is still on the positive side.

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