Friday, February 18, 2011

Fcpo wrap....bearish week and yet to recover...danger looms

-yesterday’s range, worries of breakdw still persists but profit take buying, on the back of strong SO gains, +2%, helps to cushion the dwside today. But, still no upside momentum ahead of weekend and tech weakness

-3650-3800 immediate neutral range and dwward-bias if below 3780. Buy-on-strength. A breakout above 3800 would see gap-closing moves, 3820-3920

-major breakdw if 3600 fails to hold, targeting 3450++ or 100 SMA

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