Thursday, August 18, 2011

Fkli wrap....fighting for direction....upward tone remains



Fbm turns +ve on preclosing 5p push. Already steady tone during the day despite weaker externals. Regional -0.5% AM and extends it losses to near -1.5% by late PM after EU posts -2% losses. Djfuts does –ve from start and scale lower all day, between -50 to -180.

Fbm dips under 1500 in PM but finds support at 97 b4 jumping back above 1500 in the preclosing phase. Fkli stays cautious but maintains tech positive outlook. Breakout range is narrowed to 1488-1500. In the mean time, upwards bias as > 7SMA. or 1480 in general.

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