As indicated by A, the FBMACE ended 20.30 points or 0.5%, at 4125.25 points. The L1 line shown on the chart above, is still the downtrend line for the FBMACE, as the downtrend is still intact. Support for the FBMACE is at 4113 WinChart Automatic Fibonacci Retracement followed by the 4000 mark.

As indicated by B, the Stochastic fell below 30%, entering the short term bearish territory. If the Stochastic should stay below 30%, it suggests that the short term movement of the FBMACE is bearish biased.

As indicated by C, the MACD line remains below the zero level, suggesting that the mid to long term movement of the FBMACE is still weak. Meanwhile, the MACD histogram started falling on Thursday, suggesting that the FBMACE is losing strength, though the signal is still unclear.

In short, as long as the FBMACE is resisted by the 14, 21, 31 EMA dynamic or the L1 downtrend line, the technical outlook is still negative.

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