Defying DJ sharp losses, regional stready as China shares provide comfort. SH ends the week higher, 6% the best week in eight as data points to further economy recovery. As usual fkli was more responsive to its surrounding but upside was drag by klci lukewarm performance. While fkli managed to shake off sellers aorund 1060++ and strong potential to climb hihger on Mon, until we see a convincing breakout above 7SMA or 1080 the downward remains the same.
And without a breakout higher soon, the chart will start to look like a reverse "W" formation. The first defence is the "red line", followed by the "neck line" around 1030++.
1160-1076 stay out, too ranging. So good opputunity for a breakout strategy.
No US mkt tonight.
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