DJ futs –54p. Regional mixed, off highs cautious ahead of weekend with Citigroup due to release resultCash on 7-day winning streak, worth 57p. 965.17/+4p and above 200SMA for the first time since the major breakdown in March 2008. Convincing or bluff ?
FKLI resilient thanks to cash direction but remained in Thu’s neutral range. Its therefore managed to avoid a breakdown but missed 200SMA resistance by 2 points.
Do not sell on strength in early part of next week, if any. Sell if 7SMA breaks. Can consider buy if FKLI breakout above 960, with a wishful thinking it will break 970 soon.
Both our market are seen testing major resistance lvl of 200SMA. A convincing breakout can trigger huge rally targeting 1100++. Or is this the end of the current run from 880 ? With price above short term SMA, we must assume bullish stance. If the market is perceived as toppish, a retreat towards 910 first.
P/s 200SMA is widely use by hedge funds to gauge the market long-term trend.
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