The FBMACE rebounded on Thursday, gaining 34.73 points or 0.8%. As indicated by A, the FBMACE is now situated in the congestion zone of the 14, 21, 31 EMA, while the direction remains unclear for now.

Meanwhile, the Bollinger Bands expanded slightly (5%), with the FBMACE above the Bollinger Middle Band, thus implying that the immediate technical outlook for the FBMACE is on the positive side. If the Bollinger Bands should continue to expand with the FBMACE above the Bollinger Middle Band, more upside movement is expected for the FBMACE.

As circled at B, the Stochastic rebounded on Thursday, and as a result, it did not break below 30% level. If the Stochastic should return to above 70% level, it would be a short term bullish signal for the FBMACE.

As circled at C, the MACD histogram failed to form a Rounding Top, and therefore, this suggests that the short term movement of the FBMACE is still gaining strength; and the improvement of the FBMACE is expected to carry on until the MACD histogram should form a Rounding Top.

Secondary Indicators such as the MACD histogram and the Stochastic have not yet shown any bearish signal for the FBMACE, while the Bollinger Bands is implying a slight bullish signal. The only set back is that the FBMACE has not been able to stand firmly above the 14, 21, 31 EMA, and therefore, the FBMACE has not formed an uptrend.

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