Wednesday, March 24, 2010

Fcpo wrap...bears ready for hunting...


Steady in AM but bearish in PM. Trading activity improved slightly from the recent “low” lvls after third attempt at 2600 failed. Bears getting ready for the next assault ?

Commodity was generally lower in late Asian hours on dollar strength, +1% against yen and euro. To the ringgit, flat near 3.30. SO -0.6%

Technically, negative and potentially bearish if 2550 breaks, reviving earlier call for a test at 100SMA or 2500. Immediate resistance is lowered to 2570 from 2600. A sell market if under 7SMA.

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