Thursday, August 7, 2008

FKLI broke the neckline support

Market violated the neckline support at 1117 after the opening bell gap down. Looks may want to move lower and target the immediate support at 1103.5-1110 (gap left over on end-Jul, 2008). For upside, resistance is at 1115.5-1118.5 (gap left over in this morning).

Market view: go for short with buy stop at 1121-1125