Trading Tips for the Day – 21 September 2010
For the September 2010 contract, the resistance level is at 1481 so one can attempt to short at that point, support level is at 1470 and one can attempt to long there, if the market price opens between these two figures. If price breaks above 1487 a breakaway trade can be initiated by going long, and if price breaks below 1464 one can attempt to go short. Target profit is between 5-7 points, while cut loss point is 5 points.
As for FCPO NOVEMBER 2010 contract, the resistance level is at 2720 so one can attempt to short at that point, support level is at 2696 and one can attempt to long there, if the market price opens between these two figures. If price breaks above 2733 abreakaway trade can be initiated by going long, and if price breaks below 2683 one can attempt to go short. Target profit is between 10-15 points, while cut loss point is 10 points.
Please que your positions before market opens, and above levels are applicable for one trade per day only. Updates on trade initiation will follow, stay tuned.
