Wednesday, May 05, 2010

Fkli wrap...red but looks supportive...20-40




Red all the way but mkts finished near day’s high on buying in PM session after opening selloff. Fbm steady in PM despite Europe -0.5% and HS -440/-2%. However, fkli got stuck near 30 resistance and did not narrow its discount to fbm.

Technically, looks strong support at lower band. But will this translates to further bounce like in the previous Europe-related-selloff event ? As prices under SMAs, trading range is lowered to 20-40, not sure about fresh short term dw trend yet, but dwward-bias range.

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