A quiet day that saw fbm taking profits from onset.
On the back of DJ overnight gains, fkli hit new high, waited for fbm. But to bulls disappointment, fbm did not perform to expectations, meaning still toppish at 1160 for three consecutive days. This spurred weekend selling even before the breakfast is over. Price found support at 1150.
Generally, the mkt is bullish if above 1140 or above 7SMA. Below 7SMA is a strong sell signal. Otherwise any weakness on profit take would entice bargains, like this week.
If fbm can break 1160 next week, after so many toppish days, it’s a strong buy signal towards 1200. I think fkli is anticipating this. So, as long as fbm is near a breakout lvl, fkli bulls will not give up just yet
Plus, DJ closing above 9000 represents a technical breakout. If it can find support here tonight, a new bullish trading range of 9000-9600 is a high probability.
No comments:
Post a Comment