As regional markets rebound on Monday, the FBMACE was also lifted by the positive momentum, by gaining 32.52 points to close at 4154.32 points, and also breaking slightly above the L1 line. However, as indicated by A, it has not broken above the 14, 21, 31 EMA dynamic resistance yet, thus not entirely breaking away from its downtrend just yet Support for the FBMACE is still at 4000 while the resistance remains at 4128 WinChart automatic Fibonacci retracement.

As indicated by B, the Stochastic returned to above 70% on Monday, and therefore, this suggests that the short term movement of the FBMACE is still positive.

As indicated by C, the MACD line is rising gradually, and this suggests some improvement in the mid to long term movement, although still weak in overall, as it is still below the zero level. Meanwhile, the MACD histogram has not formed a Rounding Top, thus suggesting that the short term movement of the FBMACE is still picking up a little strength.

In short, despite the short term positive movement, the FBMACE has not broken away from its downtrend. Even if the FBMACE should break above the L1 line, it does not means a bullish reversal right away, at least not until the FBMACE should form a Higher-Low after breaking above the L1 line.

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