Wednesday, April 29, 2009

FCPO Daily: Losing upward momentum


Upward momentum weakened further after market fail to cover the full upside gap left over at 2514-2535 and close in negative territory. Thus, market may move sideways to downside potential in near term. As for now, we are looking for the upside resistance at 2530-2535 (unfill gap left over since 27/4/2009). To the downside, immediate support is pegged at 2420-2400 followed by 2320-2300.