On Friday, the FBMACE was mostly lower but as it gets near the support of 4180 WinChart Automatic Fibonacci Retracement, it rebounded during the last 30 minutes of trading, and closed with a minor gain of 6.2 points or 0.1%. As indicated by A, the FBMACE is still resisted by the 14, 21, 31 EMA, and therefore, the technical outlook is still on the negative side.

Support for the FBMACE is at 4180 WinChart Automatic Fibonacci Retracement while the resistance is at 4296 WinChart Automatic Fibonacci Retracement. Meanwhile, the Bollinger Bands contracted 7%, suggesting that the FBMACE is now consolidating.

As circled at B, the WinChart RSI is still falling but it has not broken below 30% level. Therefore, no mid term bearish signal is sighted yet. However, the mid term strength of the FBMACE is still on the weaker side, unless the WinChart RSI could break above 50% level.

As circled at C, the Stochastic rebounded slightly, but failed to break above 30% level, and the short term bearish signal remains intact. If the Stochastic should break above 30% level, it would be a signal suggesting a beginning of a technical rebound.

In conclusion, the bearish biased outlook remains intact, but the FBMACE is expected to consolidate, with the Bollinger Bands contracting. The consolidation is expected to carry on if the Bollinger Bands should contract further.

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