Wednesday, July 9, 2008

FKLI rebounded on technical short term oversold

FKLI reversed from yesterday's losses to end in positive territory. Market may extend its reversion due to short term technical oversold. Currently, look for the gap left over on 3rd Jul, 2008 at 1132-1137.5. Downside support is at 1083 (new low for year 2008).

Market view: hold short with buy stop at 1122.