On Wednesday, the FBMACE was moving sideways, losing only 0.36 of a point. As indicated by A, the FBMACE found its support at 4130 WinChart Automatic Fibonacci Retracement, while the resistance remains at 4280 WinChart Automatic Fibonacci Retracement.

Meanwhile, the 14, 21, 31 EMA is still falling while serving as the dynamic resistance for the FBMACE. Technically, with the FBMACE below the falling 14, 21, 31 EMA, the immediate technical outlook is still bearish biased.

As circled at B, the Stochastic remains below 30%, which suggests that the short term bearish signal is still intact. Therefore, the short term weakness of the FBMACE is likely to carry on until the Stochastic should break above 30%, then only the FBMACE would have its technical rebound.

As circled at C, the MACD histogram is still falling, and it has not formed a Rounding Bottom. This suggests that the FBMACE is still losing strength. Meanwhile, the MACD lines is still falling below the zero level, suggesting that the mid to longer term movement of the FBMACE is still weak.

In conclusion, the FBMACE is consolidating after being supported by the 4130 WinChart Automatic Fibonacci Retracement. However, with the FBMACE still below the falling dynamic resistance, the technical outlook for the FBMACE remains weak.

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