FKLI bias is now neutral. The failure to trade above 1524 resistance weighs but the late rally in price is supportive.
A close above 1524 resistance, not too far from Friday’s high likely turn bias up. Expect selling at 1530 and the area of 1537 and 1540, midweek high.
Support is still 1510, where price was supported twice last week and thereafter 1505 and psychological 1500 level.
The longer term trend is up but price has to close above 1580 to confirm it.
Sentiment stayed weak as futures was priced at slight discount to cash.
The 21 day moving average is now at 1526.
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