As indicated by A, the FBMACE rebounded 26.13 points or 0.63% right before the closing bell, but still, it is below the L1 downtrend line, and the downtrend remains intact. Support for the FBMACE is at 4000 psychological level.

As indicated by B, the Stochastic rebounded and returned to above 70%, due to the last minutes rebound of the FBMACE. Therefore, the Stochastic is back in the short term bullish territory, suggesting that the short term movement of the FBMACE is still positive.

Despite the short term rebound, the mid to long term movement of the FBMACE remains weak. As indicated by C, the MACD line is still below the zero level, despite its recent rebound.

In short, the downtrend remains intact, and as long as the FBMACE is still staying below the L1 and the 14, 21, 31 EMA, the technical outlook for the FBMACE is still negative. If the FBMACE could break above the L1 line, the next resistance for the FBMACE is at around 4340 level.

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