Tuesday, January 11, 2011

20110111 1758 FKLI EOD Daily Chart Study.

FKLI closed : 1564.5 changed : + 2 points,  volume : higher.
Bollinger band reading : correction range bound upside biased.
MACD Histrogram : weakening, buyer taking profit and reducing exposure.
Support : 1560, 1550, 1540 level.
Resistance : 1570, 1580, 1590 level.
Comment :
Profit taking FKLI closed recorded small gain with lower volume changed hand doing 2 points discount compare to cash market while regional market ended mixed.
Daily chart formed a up doji bar candle after market opened and tested lower support level and recovered with the reading suggesting a correction range bound upside biased market development testing support and resistant.
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.

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