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After rising
for a few days, the FBMACE retreated on
Thursday, with its intraday low touching
4196.48 points. However, as indicated by A,
the FBMACE was still supported by the 14,
21, 31 EMA dynamic support, and the FBMACE
fell 28.81 points or 0.68%, to close at
4232.43 points. Resistance for the FBMACE
remains at 4350.
As indicated
by B, despite the falling on Thursday, the
Stochastic stays above 70%, which means that
the short term bullish signal is still
intact. This suggests that the short term
movement of the FBMACE is still positive.
Although the
MACD histogram is still rising, it is rising
at a slower pace. As indicated by C, if the
MACD histogram should start falling, it
would be forming a Rounding Top, which by
then would suggest that the FBMACE is losing
strength.
In conclusion,
the uptrend of the FBMACE is still intact,
with the 14, 21, 31 EMA serving as the
dynamic support, and the technical outlook
for the FBMACE is still positive.
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