KGI : Spike to 3.02-3.04 looks likely

The broker stock rebounds are for the most part not supported by institutional flows. Market makers and prop desks maybe, but not longer term cash. As such beware with the likes of KGI, which closed right at a key breakout point and resistance (2.92-2.94) A breakout here will probably not hold for long, but it looks as if it will spike to 3.02-3.04. If it doesn’t gap past the above noted resistance on Thursday, it might be worth a punt from 2.82-2.84, albeit only likely to come off that far if Libyan issues spook the global markets overnight.

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