Thursday, August 7, 2008

FKLI covered some of the downside gap after break neckline support

Market covered some of the downside gap left over on end-Jul, 2008 at 1103.5-1110 after break the neckline support. Market momentum remained weak. Thus, immediate resistance at 1117-1118.5 (unfilled gap this morning). Immediate support at 1106.5-1103.5 (remaining gap left over).

Market view: hold short with buy stop at 1121-1125