Speechless…..massive cut loss buying following a late change of sentiment, with players rushing to catch up with fbm’s tone in the last 30mins of trading, triggering buystops lvl above 1403, despite earlier discount stance.
Fbm top performer among its peers today, with strong earnings taking centre stage. Regional mixed. Europe/DJ futs +ve tone in PM reinforced fbm’s earlier +ve mood and the turnaround occurred in PM with a crossing back above 1400 mark. Fbm stocks up across the board, 22 to 30.
A remarkable comeback after yesterday’s negative performance that put bulls on a defensive, making today’s reversal even sweeter and meaningful. A 1400-1410 range for tomorrow but a run towards 1420 is likely if 1410 resistance broken. Immediate support is raised to 1405.
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