Wednesday, November 11, 2009

MarketWrap : profit take continues...technical weakness



Two days of 80-toppish scenario. Have we seen the high for this week even though missing 1300 target ? Internally it seems mkt is ready for adjustments especially fbm after a 6d32p winning streak. Upside will very much depend on bullish external for the rest of the week. Fbm pullback is seen limited near 60+ before resume its uptrend.

Therefore, no buying fkli if fbm below 75. Fkli itself is a sell if below 80, maybe opportunity to buy at support.
Fkli breakout buy above 80 but tough act to justify if fbm fails to convince above 75.

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