Wednesday, September 21, 2011

20110921 1751 FKLI EOD Daily Chart Study.

FKLI closed : 1417.5, changed : +9 points, volume : lower.
Bollinger band reading : pullback correction downside biased.
MACD Histrogram : turned upward, seller taking profit.
Support : 1405, 1395, 1385, 1375 level.
Resistance : 1425, 1445, 1458, 1470 level.
Comment :
FKLI closed recorded gain with little lower volume changed hand doing about 1.5 point discount compare to cash market that also closed soar higher. Overnight U.S. market closed nearly unchanged and Asia markets ended mostly higher while European markets currently mostly lower.
Global markets reacted differently on news of China leading indicator shows growth and European officials plan to return to have a complete review of the Greek economy and ahead of the two-day U.S. Federal Reserve policy meeting in which Chairman Ben Bernanke is widely expected to announce further steps to stimulate the U.S. flagging economic recovery.
Daily chart formed an up bar candle with lower shadow closed above lower Bollinger band level after market opened weaker, dip lower and climb higher into positive territory before traded range bound to closed near the high of the day.
Technical reading revised to suggesting a pullback correction downside biased market development possible testing higher resistance level.
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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