FKLI bias turned down after price failed to close above 1524 after trading above it in morning trade.
Nonetheless, bias may turn up if it closes back above 1524 today.
Support is still 1510, which supported price twice last week and then 1505 and psychological 1500.
After 1524, expect resistance at the area of 1530 - 1542, the 38% to 62% retracement level of April fall.
The longer term trend is up but price has to close above 1580 to confirm it.
Sentiment stayed sombre as futures was priced cheap.
The 21 day moving average is now at 1530.
No comments:
Post a Comment