Wednesday, January 13, 2010

FCPO wrap : bearish day. but bottom for the week?



-weakness continues, at 3-week low on weak externals and technical selling. Mkt is back at a lvl before the recent rally from 2500-2700.

-late profit-take buying push mkt back up above 2500. And bulls will be lucky if the mkt can consolidate within 2480-2550 to avoid another breakdw and wait for external to improve.
-Maybe this is the bottom this week and some rebound towards 2550 first after a RM200 plunge in 5-days. But it would an uphill task to reverse this dw trend as bears probably set sight on 2300++ in the near term.
-a breach of 2480 ,especially next week , is a big sell signal for the bears.



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