FCPO Daily: Retracement

Market retraced after hitting the recent high at 2648 with a gap down. However, immediate daily technical outlook remains positive provided underline support at 2320-2300 continue to cushion. As for now, we are looking for the upside resistance at 2514-2535 (gap left over on 27/4/2009) followed by 2586-2600. To the downside, immediate support is pegged at 2420-2400.