On Friday, the FBMACE rebounded 71.76 points or 1.7%, closing at 4328.97 points. Resistance for the FBMACE remain at the 14, 21, 31 EMA dynamic resistance followed by the 4390 WinChart Automatic Fibonacci Retracement, while the support is at 4180 WinChart Automatic Fibonacci Retracement.

As indicated by A, the FBMACE is set to re-test the 14, 21, 31 EMA dynamic resistance again. Technically, if the FBMACE should break above the 14, 21, 31 EMA, it would break away from the downtrend.

As circled at B, the WinChart RSI broke above the 30% level by margin. This suggests that the FBMACE is breaking away from the mid term bearish territory. If the WinChart RSI should continue rising, the FBMACE is expected to rebound more.

As circled at C, the Stochastic breaks above 30% as well as the 50% level. Therefore, the Stochastic is showing a short term technical rebound signal again. If the Stochastic should break above 70% level, there is a chance for the FBMACE to regain is short term bullish movement.

Despite the Stochastic and WinChart RSI are showing technical rebound signals, the FBMACE is still resisted by the 14, 21, 31 EMA, and therefore, these are merely a technical rebound signal, and not yet a reversal for the FBMACE.

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