Tuesday, September 13, 2011

20110913 1726 FKLI EOD Daily Chart Study.

FKLI closed : 1434.5, changed : -0.5 points, volume : lower.
Bollinger band reading : downside biased.
MACD Histrogram : weakening, seller taking position.
Support : 1425, 1405, 1395, 1385 level.
Resistance : 1445, 1458, 1470, 1485 level.
Comment :
FKLI closed recorded tiny loss with lower volume transacted doing 13.5 points discount compare to cash market that ended little higher. Overnight U.S. market closed higher and Asia markets ended mixed while European markets currently trading mostly in negative zone.
Bearish sentiment accelerate after news Greece's risk of default rise to 98%, higher inflation rate recorded for U.K. and France and Italy seeking aid from China amid further turmoil over European debt crisis.
Daily chart formed a down bar candle closed near lower Bollinger band level after market higher, traded side way range bound followed by late afternoon sell down pressed price lower to closed near the low of the day.
Technical reading revise to suggesting downside biased market development testing support and resistance level awaits further confirmation news from Europe.
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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