Friday, July 08, 2011

Fcpo wrap..no more bearish..not yet bullish...3000-3100


Positive tone after a gap-up opening on SO strong gains, tracking a jump in corn prices on weather and weaker US$.

Fcpo faces strong resistance at 3100 and therefore tight range play, mostly 80-90. Importantly, it escapes 3000 breakdw this week and returns to neutral sideways range, 3000-3100, with better outlook for bulls and bears going back to drawing board.

Above 7SMA is +ve sentiment and no immediate breakdw fear

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