Friday, February 25, 2011

Fcpo wrap.....likely to test 7SMA resistance again

-rebound in AM, more short covering in PM after crossing 3500 resistance. A cautious start but eventually catching up with SO +1%.


-bearish if under 7SMA, 3450 is the next major support. A breach would likely send mkt towards 3250 next week. To the upside, trading buy if >3550, targeting 3550-3700 consolidation range

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