Thursday, June 16, 2011

Fcpo wrap...heading year low support, SO makes a moves,




Taking lower band hit in early week and briefly under 3200 in late PM on SO moves. SO weaker in PM, > -1%, making its first big move of more than 0.2% swing this week. Fcpo tech selling below 3200.

Resistance is lowered to 3250, for 3150-3250 range. Attempt at year low seen but 3150 looks good as a support this week.

Anything under 3150 next week however could spell disaster as risk of a fresh leg dw for 3000-3200 range if 3150 does not hold.

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