Regional holding well with mixed tone but saw more selling pressure towards the end as commodity prices started to slip after Europe mkts opened. Crude oil extends it down fall, possibly aiming $55-60 range. FBM steady but no upside momentum. This helps Fkli to afloat above 1060. While short of fresh sell-signal today, sentiment remains fragile amid falling commodities. Still waiting for a clearer direction- SMA lines are so messy at the mom.
Crude oil bearish technical outlook in the coming days, that could affect FBM plantation stocks., would temper any strong recovery soon . Players that bet on a rebound will be the mercy of Thu’s US weekly data. If it’s a +ve data, a sustainable rebound from recent selling could well take place. In the meantime, the mkt have to struggle to hold firm till external improves.
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