Friday, January 22, 2010

FCPO Daily: Enter into consolidation phase


Market survived at above 2400 levels after covered the downside gap at 2428-2419. It then rebounded to close off the day high with printed a long white candle. Thus, market may enter into consolidation phase since 2400 levels provided pretty good support. To the downside, immediate support is lies 2400 followed by 2370-2360. While, upside resistance is pegged at 2500-2525 followed by 2540-2550.