FCPO Daily: double top formation

Market remains firm as prices manage to crawl back to 1600 mark. However, upside gains were limited due to the double top formation. Thus, it may continue to cap in range trading in near term. We continue to look for the immediate support at 1556-1539 followed by 1500-1490. For upside, immediate resistance is at 1666-1675 followed by 1692-1696.