As indicated by A, the FBMACE fell 13.67 points or 0.3%, to close at 4111.48 points on Friday. Currently, the FBMACE is testing the 4113 WinChart Automatic Fibonacci Retracement, but as shown on the chart above, the FBMACE is still resisted by the L1 downtrend line as well as the 14, 21, 31 EMA dynamic resistance, thus the downtrend is still intact.

As indicated by B, the Stochastic stays below 30%, in the short term bearish territory. This suggests that the short term movement of the FBMACE is still weak.

As indicated by C, the MACD line is still below the zero line, while falling. This suggests that the mid to long term movement of the FBMACE is weak. Meanwhile, the MACD histogram is still falling, suggesting that the FBMACE is also losing strength.

In short, the technical outlook for the FBMACE is still weak, and if the FBMACE should break below 4113 WinChart Automatic Fibonacci Retracement, the next support would be 4000 psychological.

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