Monday, July 12, 2010

Fcpo wrap...tech buy above 2300... > 2320 buy


Tech run sparked by early buying on strong soyoil price. Mkt saw support at 2300 psychological lvl, contributing to a +ve tone throughout the day.

Technically, fcpo managed to reverse recent dwtrend mode by claiming 7-day SMA, Bears have to go back to the drawing board while waiting to see whether the mkt will sideways at 2300-2350 first or back to 2-week old range near 2400.

Immediate support is raised to 2320. Above this, bulls will dominate, attempt at 2350 is expected or 2400 if soyoil price strengthen along.

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