As indicated by A, the FBMACE tested the 4601 WinChart Automatic Fibonacci Retracement, closing at 4603.17 points, gaining 92.87 points or 2.1%. Resistance for the FBMACE is still at 4601 WinChart Automatic Fibonacci Retracement while the support are at the 14, 21, 31 EMA followed by the 4485 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands expanded 8% on Tuesday, with the FBMACE above the Bollinger Middle Band; therefore, the FBMACE is still gaining strength, and the Bollinger Middle Band is also serving as a dynamic support for the FBMACE.

As circled at B, the Stochastic is still above 70% level, while staying in the short term bullish territory. Therefore, this suggests that the FBMACE short term movement is still bullish biased.

As circled at C, the MACD histogram is still rising, suggesting that the FBMACE is gaining strength. Technically speaking, the upside momentum of the FBMACE is expected to carry on until the MACD histogram should form a Rounding Top. Then, the Rounding top would suggest a consolidation or a technical correction signal.

In short, the uptrend of the FBMACE remains intact, with the 14, 21, 31 EMA as well as the Bollinger Middle Band serving as the dynamic support. If the FBMACE should break above the 4601 WinChart Automatic Fibonacci Retracement, the next resistance for the FBMACE is seen at 4690 WinChart Automatic Fibonacci Retracement.

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