Wednesday, September 24, 2008

FCPO Hourly: 2250-2260 managed to defend?


Market tried to defend at 2250-2260 after prices unable to sustain at the higher end. Consolidation phase will be extended in near term. We currently look for the immediate resistance at 2404-2408 followed by 2427-2452 (gap left over on 9th Sept, 2008). To the downside, immediate support is pegged at 2251-2241 followed by 2200.