Tuesday, August 02, 2011

Fkli wrap...setback for bulls but no major damage yet



US debt deal done but weak US manufacturing data put a sudden brake to recent relief rally. Regional near -1% , mixed after 2-day of trading. Fbm struggles but steady, remains near Mon’s top range.

Fkli fares worse, amid weaker externals in PM sesison. Mostly under 50 after hitting sellstop under 50 in early PM session. But technically, a sideways day.

So, despite strong effort yesterday, the bulls are not out of the woods yet, > 40 safe but < 60 remains cautious. However, short term bounce tone remains intact, at least targeting 60-70 this week

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