Meanwhile, the Bollinger Bands begins to contract, although insignificant, and this suggests that the FBMACE is likely to consolidate. If the Bollinger Bands should continue to contract, the consolidation of the FBMACE is expected to carry on, until the next re-expansion of the Bollinger Bands.

As circled at B, the Stochastic rebounded on Wednesday as well, but however, it has not broken above 30%, thus the short term bearish signal remains intact, and this suggests that the short term movement of the FBMACE is still weak.

As circled at C, the MACD histogram is still falling, despite the rebound of the FBMACE. Therefore, the MACD histogram has not formed a Rounding Bottom, and the falling of the MACD histogram suggests that the FBMACE is still losing strength.

In conclusion, the technical outlook for the FBMACE remain on the negative side as the 14, 21, 31 EMA dynamic resistance is still in place. But we expect the FBMACE to consolidate from here until further development.

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