Tuesday, August 18, 2009

FCPO Daily: Searching for support


Market steep down after the recent strong rebound with triple digit losses. Downside gap at 2354-2345 (left over since 10/8/2009) was fully covered. Market looks still searching for support for a good landing. Thus, correction mode likely to continue and look for the immediate support at 2305-2275 followed by 2250. While, upside resistance is pegged at 2397-2424 (gap left over on 17/8/2009)