Bollinger band reading : correction range bound upside biased.
MACD Histrogram : weakening, buyer reducing exposure.
Support : 1550, 1540, 1530, 1515 level.
Resistance : 1565, 1580, 1590, 1600 level.
Comment :
Resilience FKLI closed recorded small gain with improved volume changed hand doing 3.5 points premium compare to cash market that closed nearly unchanged and regional(Asia & European) trading mostly little higher having technical rebound after recent falls while last Friday U.S. market continue to closed weaker.
Daily chart formed an up bar candle with lower shadow nearer to middle Bollinger band level after market opened weaker below support level, tested lower and recovered upwards all the way registered gain and closed near the high of the day.
Market is likely to trade in correction range bound upside biased market development for the near term base on technical reading and possibly testing higher resistance level as market seems well supported today.
When to buy : buy at support or weakness with larger cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.
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