As indicated by A, the Bollinger Bands expanded again on Wednesday, with the FBMACE below the Bollinger Middle Band, thus the bearish biased movement remains intact, until the Bollinger Bands should contract.

As shown on the chart above, support for the FBMACE is at 4180 WinChart Automatic Fibonacci Retracement while the resistance is at 4296 WinChart Automatic Fibonacci Retracement as well as the Bollinger Middle Band dynamic resistance.

As circled at B, the Stochastic is still staying below 30% level, which is the short term bearish territory. This suggests that the short term movement of the FBMACE is still bearish biased.

As circled at C, the MACD histogram formed a Rounding Top, suggesting that the FBMACE is now weakening. Meanwhile, the MACD line is also below the zero level, suggesting that the mid to long term movement of the FBMACE is still on the weaker side.

In conclusion, the technical outlook for the FBMACE is still bearish biased, until the Bollinger Bands should contract. If the Bollinger Bands should contract, it would be a signal suggesting a consolidation for the FBMACE, but if the FBMACE should remains resisted by the Bollinger Middle Band, the immediately outlook is still bearish biased.

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