As shown on the chart above, the FBMACE continue to rebound after finding its support near the 3640 level. However, as indicated by A, the FBMACE is still unable to break above the 14, 21, 31 EMA dynamic resistance, thus not yet breaking away from its downtrend. Support for the FBMACE remains at 3640.

As indicated by B, the Stochastic breaks above 30% on Friday, signaling a beginning of a short term technical rebound signal for the FBMACE. If the Stochastic could break above 70%, it would be a short term bullish biased signal for the FBMACE.

As the FBMACE is having its technical rebound, the MACD histogram continue to tick higher, which suggests some improvement of the short term movement. However, as indicated by C, the MACD line remains below the zero level, and this suggests that the mid to long term movement of the FBMACE is still weak.

In conclusion, the downtrend of the FBMACE remains intact, and as long as the FBMACE is still resisted by the 14, 21, 31 EMA dynamic resistance, the technical outlook for the FBMACE shall remain weak.

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