FKLI closed : 1561 changed : -19 points, volume : higher.
Bollinger band reading : side way range bound.
MACD Histrogram : falling, seller taking position.
Support : 1550, 1540, 1530, 1515 level.
Resistance : 1565, 1570, 1580, 1590 level.
Comment :
FKLI closed recorded severe loss with better volume change hand doing 1.5 point discount compare to cash market that also closed lower while Asia markets ended mostly lower and European markets continue to trading in negative territory with last Friday U.S. market continue to closed higher.
No ending European sovereign debt issue and near deadline unsettle U.S. debit ceiling problem that could lead to a possible U.S. default triggered investor to reduce exposure and stay sideline avoiding potential risk.
Daily chart formed a wide range down bar candle closed near lower Bollinger band level after market lower, followed by selling pressure pressed price to moved downwards all the way towards the end to closed at the low of the day.
Technical reading turned to suggesting a side way range bound market development testing support and resistance level.
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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