lived & the market lost ground in afternoon trade to close on it's back side as global equities remain trapped in sideways trade as the Euro zone issues continue to sap confidence. Overnight we have seen the opposite occur with early weakness giving way to a late rally as US stocks recouped earlier losses as profit taking emerged, this despite further concerns out of the Euro zone that the debt crisis may be deteriorating & that global growth will undoubtedly be affected.
Small gains were seen at the close but analysts cited a relief rally rather than any significant bullish news. Our market has added some 16 ticks & remains confined to the bottom of the recent bracket & sellers currently appear keen to latch onto any strength. This will likely be the case again today bearing in mind it is a Friday & we will likely see some profit taking emerge at some stage. A DAILY close below 4040 suggests weakness into the 3980 area will likely follow.
SYCOM CLOSE: 4068 HIGH:4075 LOW:4033
RESISTANCE 4079, 4087, 4093/98, 4105, 4116*
SUPPORT 4050, 4041*, 4029, 4015, 4003Last modified on Thursday, 24 May 2012 23:10