Despite regional firmer tone, a bad day for fbm that saw massive selling in the first hour of trading. SIME the worst hit, -5% at one point, about half of fbm index losses. Mkt found support at 70+, around last year closing lvl.This caused panic selling in fkli after +ve zone in the first 15 mins. It recovered thenafter but only reaching 83 before selling reemerged after 4pm when Europe/DJ futs reversed early gains. DJ -50 Europe -0.3% in late Asian.
Technically, still bearish, 1250-1290 range. Below 70 is fresh sell signal. Immediate resistance is lowered to 80 as mkt is due to rebound after a 7-day losing streak that wiped off 70+ point. Target for rebound is 1290-1300
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