Thursday, October 8, 2009

20091008 1827 FKLI EOD Daily Chart Study. Target reached !

FKLI closed 10.5 points higher @ 1234 with a white range bar candle. Last minute profit taking resulted the price to closed 2.5 point off the high. Chart wise, today's candle close above upper Bollinger Band = Bullish with high possible that profit taking will take place anytime soon. Bollinger Band width widen but still unable to catch the pace of the market movement suggest that buying activities are way too aggresive. MACD histrogram continue to edged higher to near cross positive territory = Buyer still in control. Overall market might still move higher but a pullback for partial profit taking and a rest would be healthy in order for the market to gain more strength.

When to Buy : Buy on pull back or break up(becareful) with quick stop loss.
When to Sell : Cannot initiate short position only lock in profit.

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