As indicated by A, the FBMACE tested the 4187 WinChart Automatic Fibonacci Retracement support, but managed to close above this level. Therefore, the 4187 WinChart Automatic Fibonacci Retracement is still serving as the support for the FBMACE while the resistance remain at 4302 WinChart Automatic Fibonacci Retracement as well as the Bollinger Middle Band dynamic support.

As shown on the chart above, the Bollinger Bands expanded 16%, with the FBMACE below Bollinger Middle Band. Therefore, this suggests that the outlook for the FBMACE is still bearish biased. However, the expansion rate of the Bollinger Bands on Tuesday is slower compared to Monday's. This may imply that the Bollinger Bands might be contracting again. If the Bollinger Bands should contract, the FBMACE would consolidate.

As circled at B, the Stochastic is still below 30% level, which is the short term bearish region. This shows that the market movement for the short term is still weak.

As circled at C, the WinChart RSI rebounded slightly, but still staying below 30% level, in the mid term bearish territory. Therefore, the mid term strength for the FBMACE is still negative.

In short, the bearish biased view for the FBMACE remains intact. If the Bollinger Bands should contract, the FBMACE is likely to consolidate but the Bollinger Middle Band is still the first important hurdle for the FBMACE. In other words, provided that the FBMACE is still resisted by the Bollinger Middle Band, the immediate outlook shall remains bearish biased.

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