Over the considered period, the forecast model F$1($simple moving average$)...$

has a negative CFE $($bias$)$ that underestimates the demand.

has a negative CFE $($bias$)$ that overestimates the demand.

has a positive CFE $($bias$)$ that underestimates the demand.

has a positive CFE $($bias$)$ that overestimates the demand.

has no bias and estimates the demand accurately.