Friday, July 30, 2010

Fcpo wrap..+19 this week but ends with profit take tone


SO gains only gave an opening push, the rest of day was mostly profit take sell. But uptrend remains intact. Mkt saw players taking some profits away after a strong early July.

2500-2540 sideways but upward bias if above 7SMA. Fcpo is likely to resume its uptrend next week towards 2600 if 2540 resistance is taken out. Dwside risk in the coming week is seen limited to 2450+.

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