Thursday, January 13, 2011

Fcpo wrap...the start of tug of war ...

-short covering, after a RM214 losing streak, spark by SO big gains of 2% amid weak crops forecast

-fcpo mostly shaky for the day after failing to sustain a big gap up opening. But late buying activities push fcpo back towards 3700 after it recaptures 3680 resistance in late PM trades

-first good move for bulls, as fcpo is seen consolidating, preventing fresh selloff scenario today. But not out of the woods yet, as it remains inside the short term dwtrend triangle.

-above 3550 is trading buy-for-bounce

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