TFEX Set 50 Futures (S50H11) Update
February 15, 2011 2 Comments
This morning we commented on S50H11 a follows : “We will be looking for an early bounce (hopefully) to nearer 666.60, from where a short with a VST cover target at 657 for a portion of the positions, with the view to hold until nearer 650 before taking additional profits. For such a trade a stop at 666.80 or even 671.20 should be considered.
To turn the contract bullish a daily close above 666 would help, but it needs to clear 672 to provide stronger confirmation the current rebound is anything more than a dead cat bounce.
Well the short entry was hit, the stop was not, and given Asian markets are sliding a tad this afternoon, a pullback to the first target at 657 is possible, albeit possible it might need an overnight hold to be hit.