Friday, August 8, 2008

FKLI momentum weak

Market momentum getting weaker after prices violated the neckline support at 1117 yesterday. Market looks facing resistance at 1124. For downside, support is pegged at 1106.5-1103.5 (remaining gap left over on end-Jul, 2008) followed by 1095-1092.

Market view: maintain short position with buy stop at 1125.