As per mentioned, breaking the 1320 level will send the FKLI to trade near to the 1300 level and now whether this 1300 level will able to hold or will be taken out as well is our next question to think of.
Failure for the 1300 level to hold will definitely allow the bears to win the battle and further weakness is expected. For cash, the cash need to hold above the current level of 1308 – MA100 or at least hold above the 1300 psychological level, failure for the above two levels to sustain will definitely send the index to trade even lower.
At this moment, we will firmly remain our bearish bias towards the market and those who have shorted the market should hold on to your position. The next level for short that we are looking at is – if the 1300 level is being taken out convincingly.
Support for the day is seen at 1300 – 1295 levels and the resistance is seen at 1310 level.
US MARKET
Further dropping… The US market resumed its downside trading and closed 41 points lower as US manufacturing and home sales indicated slower growth. The US market definitely will be in the weak market momentum so long the index remains below the MA 200 level.
[Reminder: US will release Unemployment Rate (Survey 9.8% Vs Prior 9.7%) and change in nonfarm payroll (Survey –130K Vs Prior 431K later tonight.]
-------------------------------------------------------------------------------
The information herein was obtained or derived from the source that we believed are reliable.No liability can be accepted for any loss that may arise from the use of this report.All opinions and estimates included in this report constitutes our judgement as of this date and are subject to change without notice.
Support for the day is seen at 1300 – 1295 levels and the resistance is seen at 1310 level.
US MARKET
Further dropping… The US market resumed its downside trading and closed 41 points lower as US manufacturing and home sales indicated slower growth. The US market definitely will be in the weak market momentum so long the index remains below the MA 200 level.
[Reminder: US will release Unemployment Rate (Survey 9.8% Vs Prior 9.7%) and change in nonfarm payroll (Survey –130K Vs Prior 431K later tonight.]
-------------------------------------------------------------------------------
The information herein was obtained or derived from the source that we believed are reliable.No liability can be accepted for any loss that may arise from the use of this report.All opinions and estimates included in this report constitutes our judgement as of this date and are subject to change without notice.
0 comments:
Post a Comment