On Wednesday, the FBMACE breaks above the Bollinger Middle Band, gaining 57.23 points or 1.4%, and the Bollinger Middle Band is now serving as the dynamic support for the FBMACE. Support for the FBMACE remains at 4187 WinChart Automatic Fibonacci Retracement while the resistance is still at 4302.

As indicated by A, as the FBMACE breaks above the Bollinger Middle Band, the Bollinger Bands also expanded 15%, and therefore, suggesting a bullish signal for the FBMACE. If the Bollinger Bands should continue expanding with the FBMACE above the Bollinger Middle Band, the upside movement of the FBMACE is expected to continue.

As circled at B, the Stochastic breaks above 70% level, entering the short term bullish territory. Provided that the Stochastic could hold up above the 70% level, the market movement for the short term is expected to be bullish biased.

As circled at C, the MACD histogram is still rising, after breaking above the zero level. This suggests that the short term movement of the FBMACE is still improving, and the improvement is expected to carry on, until the MACD histogram should form a Rounding Top.

After contracting for 6 consecutive days, the Bollinger Bands finally re-expanded on Wednesday, with the FBMACE above the Bollinger Middle Band, thus giving a bullish signal. Therefore, should the Bollinger Bands expansion continues, while the FBMACE is still supported by the Bollinger Middle Band, more upside movement is expected for the FBMACE, and the FBMACE is likely to test the 4302 resistance as well as breaking away from the downtrend.

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