FKLI bias has turn up and another close above 1500 psychological level should keep bias intact. A good upward move should see price above 1524, the high of last week, to keep momentum going.
Further selling is expected at 1505, the 61.8% retracement level of the fall from 1523, and then a prior high of 1518.
Support is expected at 1494, the high of Monday and then 1480, where price bounced off couple of time in the past 3 weeks. Strong support remains at Nov low of 1470.
The longer term trend is neutral to up.
Sentiment was muted as futures was priced about fair.
The 21 day moving average is now at 1510.
No comments:
Post a Comment