Oil and metals may be blowing a chill wind through risk assets, but for investors looking for reasons to stay bullish on Asian stocks, here are a few charts to keep them warm.

1. The MSCI Asia Pacific Index is in the red for May after three straight down days, dragged lower as commodities declined for the second time in three weeks and votes loomed in France and South Korea.

But the regional benchmark looks OK in at least one Fibonacci diagram, while Japanese shares are supported by a moving-average study.

chart 1

The Asian benchmark has broken out of a key technical indicator after a positive first quarter. It rests just above the Fibonacci line that represents 76.4 percent of its fall from a high in April 2015 to a low in February 2016. The rising 26-week exponential moving average is also helping to guide the uptrend.

chart 2

2. Japan’s stock index is poised for more gains upon resuming trade after its three-day holidays as the benchmark Topix Index stays above its 50-day and 100-day moving averages.

Its moving average convergence-divergence line, or MACD, stayed above the red signal line, indicating upward momentum, after Bank of Japan Governor Haruhiko Kuroda says the central bank will maintain an accommodative monetary stance on April 21.

chart 3

3. Indonesian stocks are poised to take a breather after hitting its highest level on record. A bearish Harami has emerged on its daily candlestick chart, indicating further declines. The gauge fell six percent after the sign emerged in August.

The nation’s stocks have received US$1.7 billion in foreign inflows so far this year, the second biggest favoured market in Southeast Asia after Malaysia. Its moving average convergence-divergence line, or MACD, stayed below the red signal line, indicating downward momentum.

This article originally appeared on Bloomberg Markets.