Just I thought the mkt will discount last Fri’s selloff, fbm surprised the mkt with a big drop, almost 20p. Lesson 1 - big sell orders remains valid till the next biz day. (kwailow hedge fund style). Fbm also suffered a 6 points in the preclosing stage on YTL...i think.Fbm first 5-min-meltdown caused fkli panic selling and later caused fkli panic buying too as fbm jump back vigorously as regional bounce back.
Both mkt fbm.fkli-dec are now below the 30days SMA- a significant support for a pullback in the recent bull run. So the risk of seeing 1230++ is great.
A cross above 30 SMA will stabilise the mkt and a cross above 7SMA is a strong buy signal in Dec, targeting the recent high again if not 1300. Till then, pullback towards 1230++ remains. Immedidate trading buy signal is when dec trades above 1260.
Fbm are indicating 50-70 range in the coming days.
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