As indicated by A, the FBMACE continue to rebound on Thursday, with its intra-day high precisely resisted by the L1 downtrend line. The FBMACE gained only 2.44 points. As shown on the chart above, the 14, 21, 31 EMA is still serving as the dynamic resistance to the FBMACE.

As indicated by B, the Stochastic also rose slightly, but it has not shown any bullish signal yet, not until the Stochastic should break above 70%. If the Stochastic should stay around 50%, it suggests that the short term movement of the FBMACE is at a sideways movement, which is a neutral signal.

As indicated by C, the MACD is still rising, and likely to form a Rounding Bottom. However, the MACD line is still staying below the zero level, thus suggesting that the mid to long term movement of the FBMACE is still weak.

In conclusion, despite the slight rebound, the downtrend for the FBMACE remains intact. Technically, as long as the FBMACE is still resistance by the 14, 21, 31 EMA, the technical outlook shall remains negative. Support for the FBMACE is at 4113 WinChart Automatic Fibonacci Retracement.

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