Despite slow and sluggish early trades, Fkli finally caught up with fbm’s strength after 3 pm on short covering. Regional strong from start, btu fkli received further boost when Europe responded positively too.
With no US DJ tonight, follow through sentiment is likely to see the mkt testing 1200 resistance tomorrow.
Technically bullish. 1) Both fbm/fkli manage to breakout of its recent band range, just short of breaking 1200. 2) short term SMAs are curving upward indicating a possible new trend up > 1200-1240. 3) a violation of “W” formation.
As long as the mkt stays above 7SMA, the mkt will attempt to break 1200 the coming days…. and chances are high.
Immediate support is raised to 1180
No comments:
Post a Comment