As indicated by A, the FBMACE remains resisted by the 14, 21, 31 Exponential Moving Average (EMA), ended 6.88 points or 0.2% higher on Friday. Support for the FBMACE remains at 3622.46 WinChart Automatic Fibonacci Retracement while the resistance is still at 3892.81 WinChart Automatic Fibonacci Retracement.

Since the FBMACE is still staying below the dynamic resistance, technically, the downtrend remains intact, thus the technical outlook is still weak.

As circled at B, the Stochastic breaks above 50%, suggesting that the short term technical rebound is still in position. If the Stochastic should break above 70%, the short term movement of the FBMACE is expected to improve.

As indicated by C, the DMI is still showing a bear market signal, as the -DI line is still rising together with the ADX line. This bear signal shall remains intact until the +DI line could break above the -DI line.

In conclusion, despite having a technical rebound for nearly a weak now, the downtrend remains intact. If the FBMACE should start falling again, after being resisted by the dynamic resistance, the first target would be the 3622.46 support line, and if it should break below this support, it would be making a 14 months new low.

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