Thursday, October 22, 2009

MarketWrap : fbm being polite to PM Najib ??



Fkli stays close to fbm near 60, ignoring weak externals UNTIL 4.51pm.Then selling emerged and trigger sellstop below 55. Unexpectedly firm/resilient, fbm was relatively quiet, maybe sellers sidelines ahead of budget tomorrow.

Technical weakness continues. Fkli broke 70 support and therefore increases downside risk towards 50 tomorrow if its trades below 60.

Fresh long position entry point is lowered from 70 to 65. And price almost near the weekly bargain lvl of 50. But probably less-risky to bargain next week

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