As shown on the chart above, the FBMACE had its intra-day low reaching 4144.71 points, but it managed to close at 4181.04 points, just above the 4180 WinChart Automatic Fibonacci Retracement. Therefore, the 4180 WinChart Automatic Fibonacci Retracement is still the support for the FBMACE and the resistance is at 4296 WinChart Automatic Fibonacci Retracement.

As indicated by A, the 14, 21, 31 EMA is still falling while serving as the dynamic resistance for the FBMACE. This suggests that the immediate technical outlook for the FBMACE is still on the weaker side.

As circled at B, the WinChart RSI is still below 30% level, which is still showing a mid term bearish signal, suggesting that the mid term market strength is still weak.

As circled at C, the Stochastic remains below 30% level, suggesting that the short term movement of the FBMACE is still bearish biased.

In conclusion, the technical outlook remains weak but the FBMACE has not formed a downtrend yet, for it is still supported by the 4180 WinChart Automatic Fibonacci Retracement. If the FBMACE should prolong its consolidation above the 4180 WinChart Automatic Fibonacci Retracement, there is a chance that it might steer away from the downtrend.

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