As shown on the chart above, the FBMACE breaks below the 4180 WinChart Automatic Fibonacci Retracement, losing 11.32 points or 0.3% on Monday. As indicated by A, the 14, 21, 31 EMA, is still falling while serving as the dynamic resistance for the FBMACE.

Technically, with the FBMACE being resisted by the falling 14, 21, 31 EMA, the technical outlook remains bearish biased. Next support for the FBMACE is seen at 3991 WinChart Automatic Fibonacci Retracement while the immediate resistance is at 4180 WinChart Automatic Fibonacci Retracement/

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

As indicated by C, the MACD line is still below the zero level, this suggests that the mid to long term movement of the FBMACE is still weak. Meanwhile, the MACD histogram is also below the zero level, this suggests that the short term movement of the FBMACE is also weakening.

In conclusion, the bearish biased outlook for the FBMACE remains intact. Unless the FBMACE could break above the 14, 21, 31 EMA successfully, the downtrend of the FBMACE is expected to carry on.

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