Technical Rebound On Track For FKLI

Correction To Continue After Oversold Rebound
Technically, index futures are still susceptible to steeper correction as the spot month Aug had break down important support level previously.

General rule of thumb, when the index breached below the 100 days moving avearage, it is clear that massive selling pressure has occur and market is likely trendling down.

In other words, the Bulls stay above 100 days moving average while the bears stay below it. Bottom line, traders are advised to be extra cautious holding overnight position as gap up play will likely occur for the time being.

Daily Pivot Point 

R2=1491

R1=1485

S1=1471

S2=1464

HAPPY TRADING & GOODLUCK2ALL