Thursday, July 10, 2008

FKLI may want to form base

FKLI violated the resistance at 1121.5 with printed a long white candle had provide some support to the market momentum. Looks may forming base after the recent steep fall to the low of 1083 for year 2008. We continue to look for the upside at 1132-1137.5 (gap left over on 3rd July, 2008). Downside support is pegged at 1099.

Market view: buy stop was triggered at 1122, turn to hold long with sell stop at 1097.