As indicated by A, the FBMACE retreated as profit taking takes place. The FBMACE pulled back 36.81 points or 0.9%, while still supported by the 14, 21, 31 EMA. Therefore, the 14, 21, 31 EMA is still serving as the dynamic support for the FBMACE. Support for the FBMACE remains at 3622.46 and the resistance is at 4060 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands expanded only 4%, which is caused by the retreat of the FBMACE. If the Bollinger Bands should contract, it would be a signal suggesting that the FBMACE will consolidate again. Nevertheless, with the FBMACE staying above the Bollinger Middle Band, the immediate technical outlook for the FBMACE is likely to be positive.

As circled at B, the WinChart RSI stays above 70%, in the mid term bullish territory. This shows that the FBMACE still have its strength, until the WinChart RSI should break below 70%.

As circled at C, the Stochastic retreated after hitting 100%, which is a normal reaction after being over-heated. Currently, the Stochastic is still above 70%, thus the short term movement of the FBMACE is still on the positive side. If the Stochastic should break below 70%, it would be a signal suggesting a beginning of a technical correction.

In conclusion, the immediate technical outlook remains positive as the FBMACE is still supported by the 14, 21, 31 EMA as well as the Bollinger Middle Band.

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