On Wednesday, the FBMACE had its intra-day low touching 4098.89 points, but it managed to rebound right before the closing, and ended the day 12.09 points higher, at 4145.55 points. As shown on the chart above, the FBMACE is still staying below the L1 downtrend line, thus the downtrend for the FBMACE remains intact.

As indicated by B, the Stochastic rebounded from 30%, without entering the short term bearish territory. If the Stochastic should stay around 50%, it suggests that the short term movement of the FBMACE is at neutral.

As indicated by C, the MACD line stays below zero level, suggesting that the mid to long term movement of the FBMACE is still weak. Although the MACD histogram stopped falling on Wednesday, it is not showing any clear Rounding Top or Rounding bottom.

In conclusion, despite the rebound on Wednesday, the downtrend of the FBMACE remains intact, and as long as the FBMACE should stay below the L1 downtrend line, the technical outlook for the FBMACE should remains negative. Support for the FBMACE is at 4113 WinChart Automatic Fibonacci Retracement followed by the 4000 psychological level.

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