As shown on the chart above, the FBMACE tested the 4180 WinChart Automatic Fibonacci Retracement on Tuesday, but it managed to stay above the 4180 WinChart Automatic Fibonacci Retracement at 4189.68 points, losing 15.91 points or 0.4%.

As indicated by A, the 14, 21, 31 Exponential Moving Average is still serving as the dynamic resistance for the FBMACE. Therefore, this suggests that the immediate technical outlook for the FBMACE is still bearish biased.

As circled at B, the WinChart RSI broke below 30% level, entering the mid term bearish territory. If the WinChart RSI should remain below 30%, the mid term market strength would remain weak.

As circled at C, the Stochastic is still below 30% level, which is the short term bearish territory. This shows that the short term movement of the FBMACE is weak, until the Stochastic should break above 30% level, then only the FBMACE would have a technical rebound.

In conclusion, the bearish biased technical outlook remains intact for the FBMACE. Fortunately, the FBMACE is still supported by the 4180 WinChart Automatic Fibonacci Retracement, thus the downside movement is still under control. Nevertheless, if the FBMACE should break below 4180, the next support for the FBMACE i seen at 3991 WinChart Automatic Fibonacci Retracement.

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