Meanwhile, the Bollinger Bands contracted 11%, suggesting that the FBMACE is consolidating. However, with the FBMACE below the Bollinger Middle Band, the immediate technical outlook is still weak. Support for the FBMACE is at 3622 WinChart Automatic Fibonacci Retracement while the resistance remains at the 14, 21, 31 EMA dynamic resistance.

As circled at B, the Stochastic rebounded and testing 30%. If the Stochastic could break above 30%, it would be a signal suggesting a beginning of a technical rebound. However, the Stochastic has to break above 70%, in order to signal a short term bullish movement for the FBMACE.

As circled at C, the MACD histogram ticked higher, and it might be forming a Rounding Bottom. If the MACD histogram could form a Rounding Bottom, it would suggest that the FBMACE is gradually regaining some strength.

In short, after falling for more than 2 weeks, the FBMACE is having a technical rebound, but since the 14, 21, 31 EMA dynamic resistance remains intact, the downtrend is still in place. All rebound below the dynamic resistance can only be considered as a technical rebound, not a reversal signal.

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