Market traded in yoyo manner after last week of rebound from the fresh year low at 2351. However, prices unable to hold at higher end and gap down after the morning opening bell. Looks may enter to a consolidation zone and looking to trade in range in near term. We now look for upside resistance at 2688-2675 (gap left over this morning). For downside, support is pegged at 2606-2594 (remaining gap left over).
Monday, August 25, 2008
FCPO traded in yoyo manner
Market traded in yoyo manner after last week of rebound from the fresh year low at 2351. However, prices unable to hold at higher end and gap down after the morning opening bell. Looks may enter to a consolidation zone and looking to trade in range in near term. We now look for upside resistance at 2688-2675 (gap left over this morning). For downside, support is pegged at 2606-2594 (remaining gap left over).