Friday, May 20, 2011

Fcpo wrap...testing Apr's high..nearly a given

Fcpo continues its short term uptrend tone but see profit take above 3400 today ahead of weekend. Likely to see at attempt at 3450-60 first on Monday b4 shifting to a pullback mode targeting 3310-20 or 7SMA. At the same time, 3450-3500 seems a bit overstretch without any pullback first or till 7SMA catches up.

Above 3360 is strong uptrend mkt. With fresh bulls on Mon if fcpo stays above 3400

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