As indicated by A, the FBMACE fell below 3640 support, making a new low of more than 2 years. The FBMACE fell 92.78 points or 2.5%, and the next support is at 3586 followed by 3300. Of course, the 14, 21, 31 EMA is still serving as the dynamic resistance to the downtrend of the FBMACE.

As indicated by B, the Stochastic is still staying below 30%, thus the short term bearish signal remains intact.

As indicated by C, the MACD histogram is still falling, this suggests that the FBMACE is still losing strength, and the weakness of the FBMACE shall continue until the MACD histogram should form a Rounding Bottom.

In conclusion, as long as the FBMACE is still resisted by the 14, 21, 31 EMA dynamic resistance, the negative technical outlook for the FBMACE is expected to continue. Meanwhile, with the FBMACE repeating its formation of lower-highs, and coupled with the new low right now, it strongly suggests that the downtrend is still intact.

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