Wednesday, July 28, 2010

Fcpo wrap...smooth for bulls...knocking on 2500..



Fcpo made one attempt at 2500 resistance today, after lunch break but a lack of volume dampened bulls effort. Price climbed higher gradually following a gap-dw opening.

External +ve but mostly from equity side, commodity not much this week. Fcpo continued with recovery mode.

Chart remains +ve but in sideways band. Bulls need to climb the 2500 wall before can relax. Ideally parking at 2500-2530, then another run in Aug is a strong probability.

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