Sunday, April 03, 2011

BETFI Index Enter Strong Resistance Area

The BETFI Index entered in the 27 000 - 28 000 targeted area just before end of March as noted in a previous post. The index is trending up but the strong Fibonacci and chart resistance around the 28 000 level can trigger a pullback (see updated chart above).

The break of the 28 000 resistance is targeting 30 000 and then 34 000 later on while a pullback towards 25 000 should be bought with stop loss levels just below.

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