5,1

Back in March we had established a level of 110 and we wanted to hold that for a while instead we saw a rush towards 115 and then 122 which was crazy. The move down was expected and here we have it now with two down 600 M days. We have been covering our positions slowly since we had a lot of baggage that was caught up in the run-up towards 122.

The breach below 110 will not be good at all. 108 is the next level followed by 106 which is the mos sacred if this market has to end higher at the end of FY2010.