As indicated by A, the FBMACE tested the 4260 Fibonacci Retracement Line, but due to the strong selling pressure, the FBMACE failed to break above 4260, closing only at 4260.47 points, downed 16.42 points. Meanwhile, the 14, 21, 31 EMA is still serving as the dynamic support.

As indicated by B, the Stochastic remains above 70%, which suggests that the FBMACE short term movement is still bullish biased.

As indicated by C, the MACD histogram has not formed a Rounding Top, thus suggesting that the FBMACE is still gaining strength. Meanwhile, the MACD line is still rising, suggesting that the uptrend is still intact.

In conclusion, despite the resistance at 4260, the short term uptrend of the FBMACE is still intact. Technically, provided that the FBMACE is still above the 14, 21, 31 EMA dynamic support, the technical outlook for the FBMACE is still positive.

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