Wednesday, December 15, 2010

Fcpo wrap..strong rebound..uptrend remains intact..


Strong rebound after a one-off selling event, where fcpo plunges from 3670 to 3600 in the first 5-mins of PM trading, first reaction to news of Spain debt dwgrade. Commodity reacts to a stronger US$ effect, even Gold despite the re-emergence of Europe debt mess.

Sideways before a late surge again, pushing fcpo back above 7SMA support. Therefore, keeping its uptrend posture, even though looks toppish this week .Below 3700 is dwward-bias. Bulls can take ease if mkt crosses 3720+.

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