The index almost created a new high last week, unfortunately it was not supported much that it fell and closed lower.
The current area pattern being formed by the index hints on a possible ascending triangle. The resistance level of the ascending triangle is at the previous high of 5484. However, anything can still happen and the current ascending triangle seen on the chart may turn out to be a sideways channel after all.
FPH (Chart: Daily Resistance: 94.50 Support: 80.20)
FPH had a rally for the last 2 weeks and it now looks like the upward momentum will decrease a bit as the stock is very much overbought, with RSI reaching 90. The stock may also have been affected by a resistance line near 93; the resistance line was the previous high since 2007. So for next week expect a sell down of the stock.
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