As shown on the chart above, the FBMACE rebounded from the 4180 WinChart Automatic Fibonacci Retracement, gaining 29.77 points or 0.7%. Therefore, the immediate support for the FBMACE is still at 4180 WinChart Automatic Fibonacci Retracement while the resistance is at 4296 WinChart Automatic Fibonacci Retracement.

As indicated by A, the 14, 21, 31 EMA is still serving as the dynamic resistance for the FBMACE, suggesting that the immediate technical outlook for the FBMACE is still bearish biased, despite the rebound on Wednesday.

As circled at B, the WinChart RSI rebounded slightly, but it has not broken above 30% level yet. If the WinChart RSI should break above 30% level, it would be a signal suggesting a technical rebound, and the mid term market is regaining some strength.

As circled at C, the Stochastic rebounded on Wednesday, and testing the 30% level. This suggests that the FBMACE is likely to have a technical rebound. If the Stochastic should break above 30% level, it would be a signal suggesting a beginning of a technical rebound.

In conclusion, the FBMACE is expected to rebound, but since it is still situated below the 14, 21, 31 EMA, the technical outlook for the FBMACE remains bearish biased. Technically speaking, the FBMACE has to break above the 14, 21, 31 EMA in order to break away from the bearish trend.

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