Wednesday, January 20, 2010

FCPO wrap : bulls in shaky position agian...


-selling pressure continued throughout the day after bad start on soyoil losses. This encouraged recent bearish tone to set in, exaggerating losses. Generally quiet and tight range trading about RM30 high/low as mkt still in familiar ranges. While losses were a bit overdone, buyers, like kwailow despite weakening ringgit, stays sidelines.
-from resistance lvl back to critical support vicinity…near 2439++. A breakdown coming ? Below 2439, is big sell signal tomorrow..targeting 2400. Resistance is lowered towards 2480-2490 ranges. Below this lvl, don’t do position buy just yet

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