FKLI bias stays up after another higher close but price has to close above 1532 resistance to keep bias intact.
After 1532, the low of last week, expect resistance at 1536, the low of last Thursday and Friday, and thereafter the important 1540 level. Higher up, expect selling at 1546 and then 1562, the high of April.
Support is still the area of 1524 – 1520 and then 1510. Stronger support expected at psychological 1500.
The longer term trend is still up but price has to close above 1580 to confirm it.Sentiment stayed weak as futures was at discount to cash, for the 8th day running now.
The 21 day moving average is now at 1527.
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