As shown on the chart above, the FBMACE rebounded 50.89 points or 1.2% on Wednesday. Since the FBMACE has broken above the 4180 WinChart Automatic Fibonacci Retracement, the next resistance is seen at 4296 WinChart Automatic Fibonacci Retracement, and the immediate support is at 4180 WinChart Automatic Fibonacci Retracement.

As indicated by A, the 14, 21, 31 EMA is still serving as the dynamic resistance for the FBMACE, and therefore, the immediate technical outlook for the FBMACE is still on the negative side.

As circled at B, the Stochastic breaks above 30% level, suggesting a beginning of a technical rebound for the FBMACE. If the Stochastic should continue rising, the technical rebound is expected to carry on. If the Stochastic should break above 70% level, it would be a short term bullish signal for the FBMACE.

As indicated by C, the MACD histogram is still rising while showing a Rounding Bottom. Therefore, the MACD histogram is suggesting that the short term movement of the FBMACE is improving. If the MACD histogram should break above the zero level, the FBMACE is likely to regain its strength.

Despite the Secondary Indicators, such as the Stochastic and the MACD histogram, are showing improvement signals, the FBMACE remains resisted by the 14, 21, 31 EMA. Technically, any rebound below the 14, 21, 31 EMA is only considered as technical rebound, not a signal of a reversal yet.

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