As indicated by A, the FBMACE had its intra-day low touching 4133.43 point, but it managed to rebound just before the market close, and gaining 6.8 points or 0.2%. This shows that the 4130 WinChart Automatic Fibonacci Retracement is still the current support for the FBMACE while the resistance remains at 4280 WinChart Automatic Fibonacci Retracement.

As shown on the chart above, the 14, 21, 31 EMA as well as the Bollinger Middle Band are now the target of the rebound of the FBMACE.

As indicated by B, despite the support of the 4130 WinChart Automatic Fibonacci Retracement, the Stochastic is still below 30%, suggesting that the short term movement of the FBMACE is still bearish biased.

As circled at C, the MACD histogram is turning up, and it might be forming a Rounding Bottom. If the MACD histogram should form a Rounding Bottom, it would be a signal suggesting that the FBMACE is regaining some strength.

In conclusion,with the support 4130, the FBMACE has temporary paused its downtrend. However, any rebound below the dynamic resistance is only a technical rebound, not a reversal signal yet.

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