Tuesday, February 02, 2010

Fcpo wrap...late buyback save the day for bulls



-despite mostly in -ve territory, Fcpo produce a late rebound, to finish near where it begins this morning. SO swings between +0.5 to -0.5% in then -0.5% to +0.5% in late Asian hours.
-while not so impresive, the mkt did finish above 7SMA for the first time since a breakdown from 2700. Not bullish yet but it could point to a consolidating mkt first with 2400 as the intended support after all. Further confirmation will come if 7SMA crosses above 14SMa etc.
-above 2450, is trading buy mkt, targeting the upper red line in the coming days.

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