Regional reversed early losses and posted strong gains in PM on “Abu Dhabi will provide $10b financing to Dubai” news. Regional +1% to 2%. We up 0.5%.
The impact was not greatly felt here with fbm stuck near 60, unchanged, till preclosing stage. Both mkts were quiet. Then, all last minute rush! – 4.30pm onwards. First, Fkli hit high on buystop at 61. Then, Fbm shot more than 5p in preclosing stage to create day’s high, matching fkli level at 65.
Technically, major improvement- above 7SMA and therefore reducing a breakdown scenario. Don’t expect a strong run yet, as cautious stance remains especially with all the last minute push. And the Q is whether the mkt has upward momentum to really face major resistance lvls. From 50 to 80.
The impact was not greatly felt here with fbm stuck near 60, unchanged, till preclosing stage. Both mkts were quiet. Then, all last minute rush! – 4.30pm onwards. First, Fkli hit high on buystop at 61. Then, Fbm shot more than 5p in preclosing stage to create day’s high, matching fkli level at 65.
Technically, major improvement- above 7SMA and therefore reducing a breakdown scenario. Don’t expect a strong run yet, as cautious stance remains especially with all the last minute push. And the Q is whether the mkt has upward momentum to really face major resistance lvls. From 50 to 80.
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