Thursday, April 16, 2009

FCPO Daily: TOP at 2540?


Market gave up all its early gain after hitting the day high at 2540 to end lower. A long upper shadow candle printed after the recent strong rallied may indicate that market is entering to a correction mode in near term. Thus, we are now looking for the upside resistance at 2540 followed by 2600. To the downside, support is pegged at 2400-2385 followed by 2315-2300.