Morning Traders,
Alright everyone.. the show goes on..
How are you all doing? Wow.. yesterday after my post of absence the market tanked quite hard.. Lets see what's in store for us today.
The US market closed mildly up. At one point, it was trading in the red too. We are looking at some pending home sales tonight which I think won't be too bad and also the EU economic summit tomorrow. I expect trading to remain cautious until at least Friday. Volatility is trading at around 19.70 now so we have a bit of expansion there.
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As for our local market, the pull back yesterday was a relief. Whether it will continue to fall remains to be seen. But I think there will be quite some strong support at 88-85 (sorry.. earlier typo said support at 98-95 - correction done) level so you need to be careful.
July is trading at a much higher level so traders are quite bullish in this market at this moment.
I am thinking to see how price react once it test these support. If price are holding, I am looking for price to go back up to test the highs in the coming days. So trade safe. Keep in mind of the EU economic summit tomorrow too. It is better to reduce trading size or just on the side lines until further confirmation.
I'm hoping to see price test the support and if it can't break, I will go long from there. Watch your levels carefully.
Here are your trading levels:
FKLI
Upper Resistance: 1593, 1596, 1598, 1601
Lower Support: 1590, 1587, 1585, 1583, 1580
Cash Index
Upper Resistance: 1596, 1598, 1600, 1604
Lower Support: 1592, 1590, 1587, 1585
Trade safe everyone.
Best Wishes,
Tech Trader
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