Tuesday, September 20, 2011

20110920 1738 FKLI EOD Daily Chart Study.

FKLI closed : 1408.5, changed : +3 points, volume : higher.
Bollinger band reading : downside biased with possible pullback correction.
MACD Histrogram : falling, seller taking chances.
Support : 1405, 1395, 1385, 1375 level.
Resistance : 1425, 1445, 1458, 1470 level.
Comment :
FKLI closed recorded small gain with better volume participation doing about 2 points discount compare to cash market that ended little lower. Overnight U.S. market closed lower after 5 days of climbs and Asia markets ended mixed while European markets currently trading lower.
Market traded in negative zone earlier after Italy credit rating downgraded by S&P but some markets recovered on speculation that U.S. Federal Reserve officials will probably announce a new program for monetary easing tomorrow.
Daily chart formed an up doji bar candle closed at lower Bollinger band level after market opened weaker, dipping lower tested near support level and traded zigzag between gain and losses before closed little higher.
Chart study suggesting a downside biased market development testing support and resistance level with potential upward pullback correction.
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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