On Monday, the FBMACE was traded in a narrow range, losing 3.04 points of 0.1%. As indicated by A, the FBMACE is still supported by the 4187 WinChart Automatic Fibonacci Retracement while resisted by the Bollinger Middle Band. Therefore, the 4187 WinChart Automatic Fibonacci Retracement is still serving as the support while the resistance remain at the Bollinger Middle Band dynamic resistance followed by the 4302 WinChart Automatic Fibonacci Retracement.

As shown on the chart above, the Bollinger Bands contracted another 14%, suggesting that the consolidation of the FBMACE is still in place. If the Bollinger Bands should continue to contract, the consolidation is expected to carry on, until the Bollinger Bands re-expands.

As circled at B, the WinChart RSI has not broken below 30% level, but it failed to break above 50%. Therefore, the mid term market strength for the FBMACE is still on the weaker side. If the WinChart RSI should break below 30% level, there is a risk of a resuming its downtrend.

As circled at C, the Stochastic rebounded from 30% level, without entering the short term bearish region. But, it also failed to break above 50% level. Technically speaking, the Stochastic has to break above 50% level for last week's technical rebound to continue. If the Stochastic should break below 30% level, again, it would be another short term bearish signal for the FBMACE.

In conclusion, the FBMACE is still consolidating with some bearish bias. If the Bollinger Bands should re-expand, it would be an end to the consolidation, and a beginning of a new movement. If the FBMACE should stay below the Bollinger Middle Band, it would be a bearish signal, suggesting a resume of the downtrend.

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