Friday, July 23, 2010

20100723 1818 FKLI EOD Daily Chart Study.

FKLI closed : 1354, changed : +11.5 points, volume : higher.
Bollinger band reading : upside biased.
MACD Histrogram : resume upward, buyer position remained intact.
Support : 1350, 1345, 1337 level.
Resistant : 1360, 1375, 1385  level.
Comment :
Slightly improved volume FKLI closed near the high which is also the year high after positive sentiment market development regionally. Daily chart market started to trade quietly but the afternoon session last hour buying activities accelerate pushing price higher right until closing triggered testing market seller to cover short position. Technical reading wise, market break new high boldly with outlook suggesting further upside biased potential market. The only issue here is the lack of volume participation.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.

No comments: