FKLI bias has turned down following the close below the psychological 1550 and a close below 1549 should keep bias intact.
Support is still expected at 1545, not too far from last week’s low and then the gap of 1536-1532.
The 1550 level has now turned into a resistance and a close above it will turn bias up. Expect selling at 1556, the high of Tuesday and then 1562-1564, the gap of January.
The longer term trend is up but price has to close above 1580 to confirm it.
Sentiment turned negative as futures was at discount to cash.
The 21 day moving average is now 1542.
R1/1550 R2/1556 R3/1562-64
S1/1545 S2/1536-33 S3/1524
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