As indicated by A, the FBMACE retreated 41.51 points or 1.02% to close at 4031.44 points, after being resisted by the 4100 resistance. However, the FBMACE is still above the 14, 21, 31 EMA, thus the short term uptrend is still intact. Support for the FBMACE is at 3860.

As indicated by B, the Stochastic fell marginally below the 70% level, and if the Stochastic should fail to return to above 70% in the immediate term, it would mark an end to the short term bullish signal of the FBMACE, or it would also be a signal suggesting a beginning of a technical correction.

As indicated by C, the MACD histogram is still falling, thus suggesting that the FBMACE consolidation is not yet over. Also, the falling of the MACD histogram suggests that the FBMACE is losing strength.

In conclusion, after rising for many days, it is normal for the FBMACE to consolidate, provided that the FBMACE could retain its position above the 14, 21, 31 EMA, which means that the technical outlook for the FBMACE is still positive.

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