Bollinger band reading : pullback correction upside biased.
MACD Histrogram : turned downward, buyer taking profit.
Support : 1550, 1540, 1530, 1515 level.
Resistance : 1565, 1580, 1590, 1600 level.
Comment :
FKLI closed recorded loss with better volume changed hand doing 1 point discount compare to cash market that closed marginally lower while Asia markets closed mostly lower and European markets currently having mixed development with last Friday U.S. market closed lower.
News wise, Greek going to vote on unpopular fiscal austerity measures this week and market anticipation of U.S. factory activity show slowing growth lead market to trade in negative zone. Back home, tomorrow Malaysia Sugar debut performance will be the key factor to watch closely.
Daily chart formed a doji bar candle closed below upper Bollinger band after market opened and tested lower, traded range bound within 6 points range market to closed at opening price level.
Chart reading shows that market is having pullback correction within an upside biased market development testing support and resistance level with roll over activities started to picked up.
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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