Monday, September 12, 2011

20110912 1729 FKLI EOD Daily Chart Study.

FKLI closed : 1435, changed : -25.5 points, volume : higher.
Bollinger band reading : side way range bound little downside biased.
MACD Histrogram : turned lower, seller returning.
Support : 1425, 1405, 1395, 1385 level.
Resistance : 1445, 1458, 1470, 1485 level.
Comment :
FKLI closed recorded huge losses with better volume changed hand doing 11 points discount compare to cash market that also ended lower. Last Friday U.S. market closed lower and Asia markets ended mostly lower while European markets currently trading significantly lower.
News on speculation that Germany is preparing for Greece to default resulted already negative development global markets to triggered massive selling pressure while news on no plan on stimulus measure from U.S. Federal Reserve plus President Obama jobs plan is highly unlikely to pass through Congress provides the addictive to the negative sentiment today.
Daily chart formed a down bar candle closed near lower Bollinger band level after market gap down and slide lower to closed near the low of the day.
Chart reading turned to suggesting side way range bound little downside biased development possibly testing lower support level but like it or not Greece development are purely a speculation awaits further official news confirmation from the European region.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistance or strength with quick cut loss and profit target.

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