FCPO Daily: Potential of head n shoulder formation

Market close in negative territory after failed to defend at 2600 mark. This had chart in a potential of head and shoulder formation if market continue to lose ground. As for now, we are looking for the immediate upside resistance at 2651-2665 followed by . To the downside, support is pegged at 2586-2585 (gap left over since 1/6/2009) followed by 2530-2500.