Finally, we able to see rebound in FCPO after the recent sharp drop to the fresh year low at 2531. Market fully covered the remaining upside gap leftover on 14-19th Aug, 2008 at 2565-2569 and closed near to day high. However, market still needed more support confirmation in order to build up a support base for a stronger pull back after the steep fall. We now pegged the immediate support at 2531. For upside, immediate resistance is at 2656-2675.
Wednesday, August 20, 2008
Can the rebound last long in FCPO?
Finally, we able to see rebound in FCPO after the recent sharp drop to the fresh year low at 2531. Market fully covered the remaining upside gap leftover on 14-19th Aug, 2008 at 2565-2569 and closed near to day high. However, market still needed more support confirmation in order to build up a support base for a stronger pull back after the steep fall. We now pegged the immediate support at 2531. For upside, immediate resistance is at 2656-2675.