Morning Traders,
Alright.. lets proceed with the US market updates.
The US market was up at some point but gave back most of the gain in the end. Here are the closing for the three indices.
Dow12,632-63-0.50%
Nasdaq2,894-9-0.30%
S&P 5001,331-8-0.57%
Tonight we will have FOMC minutes, building permits and a host of other numbers so traders will be watching that. There is a possibility that the market may give way a bit more so traders need to watch out for that too.
Lets move on to our local market.
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Yesterday was another big down move day and we are not about 27 points away from the 20ema. Whenever price pulled so far away from the 20ema, it will tend to go back to test it again or the 20ema will come down to price instead.
There is a possibility that we might break down further should news in the region gets worst also. We will let the price action of the coming days be our guide.
I still have some longs from the low 50s and if things don't look right, I will get out. But if price action seems to hold, then I might hold them to go back to test the 20ema in the coming days. Watch your levels and trade carefully.
Here are the levels for today:
FKLI
Upper Resistance: 1554, 1558, 1562, 1565
Lower Support: 1550, 1554, 1538, 1530
Cash Index
Upper Resistance: 1564, 1567, 1571, 1573
Lower Support: 1561, 1558, 1553, 1550, 1540
Trade safe and I'll update again if there are anything important later.
Best Wishes,
Tech Trader
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