1 Aug 2008

Reported at 1200hrs SGT
GY
The downtrend will continue and at present it look like GY will hit support at EMA21 at 213.2. Using a Fib retracement from 23 Jul Peak to 16 Jul low, the adjustment range for the first support is at 212.9. Expect to hit this range today.

Should it continue down, the next level of support is at EMA200 at 211.9, else resistance is at 214 then 215.

GU
It should be supported at EMA100 at 1.9800, but should it go down further, expect it to reach 1.9700. CCI show sign of reversal and together with DOW performaning badly, it should rebound.

Resistance is at 1.9900, then 1.9950 (using Fib retracement from 15 Jul peak, 7 Jul low).