Already weak after yesterday, another selloff today no tks to China bearish tone. China possible interest rate hike, (usually announce on Sat ) and strong US$ rebound ahead of G20 meeting give excuse to lock in profits – commodity worst hits. Chine tightening policy is seen as cutting demand for global agri products.Fbm.fkli see panic sell under 1500. Very ugly and bearish candle, multiple support breached, ending a 2 ½ mth uptrend run. Back to drawing board for bulls while bears take over the driver seat till mkts cross back above 1510+. Otherwise, the double-top effect will continue to scare buyers away.
If 1480 breaks, 1500 is history this mth, targeting dwside towards 1480-50 trading range.
No comments:
Post a Comment