As shown on the chart, the FBMACE continued its technical correction, breaking below the 4601 WinChart Automatic Fibonacci Retracement and losing another 85.48 points or 1.8%. Therefore, the 4485 WinChart Automatic Fibonacci Retracement is the support for the FBMACE while the resistance is at 4601 WinChart Automatic Fibonacci Retracement.

As indicated by A, the FBMACE precisely touching the 14, 21, 31 EMA, suggesting that the 14, 21, 31 EMA is still serving as the dynamic support. If the FBMACE should rebound from here, there is a chance for the FBMACE to resume its uptrend.

As circled at B, the WinChart RSI breaks below 70% by margin, this suggesting that the mid term bullish signal for the FBMACE has ended. Unless the WinChart RSI could return to above 70% level in the immediate term, the market sentiment for the mid term would turn to neutral.

As circled at C, the Stochastic is still falling, while breaking below 50% level. This suggests that the technical correction of the FBMACE is still intact. If the Stochastic should break below 30% level, it would be the short term bearish signal for the FBMACE.

Technically, the FBMACE has reached its first target of the technical correction, which is the 14, 21, 31 EMA. This is an important for the FBMACE, for if the FBMACE could rebound from this dynamic support, it means that the uptrend is still intact; otherwise, the outlook for the FBMACE would turn bearish.

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