Thursday, August 04, 2011

Fcpo wrap...16-day sideways....this time in bears favor


Keeping its sideways tone but lower band amid weaker commodity mkts on fear of a new recession in US.

No breakout scenario, stuck within 3080-3140 range. This week bet of a breakout higher is over, with high risk of a bearish closing tomorrow, under 3100 if SO does not rebound tonight, risking a new leg dw under towards 3000-3080 next week

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