Thursday, October 8, 2009

20091008 1308 FKLI Hourly Chart Study. Possible profit taking.

FKLI gap up opened 1.5 points higher and stay unchange to closed at 1225 for the morning session. Price still traded above Mid Bollinger Band = Bullish. Bollinger Band width expanded marginally suggest that market will be trading upward biased. However, MACD histrogram getting lower into the negative territory = market may be in profit taking stage. With 2 dojis candle at the top, market could trade lower if profit taking activity continue in the market but immediate support seen in the mid Bollinger Band.

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