Friday, September 23, 2011

20110923 1731 FKLI EOD Daily Chart Study.

FKLI closed : 1368.5, changed : -10 points, volume : higher.
Bollinger band reading : downside biased with possible pullback correction.
MACD Histrogram : falling, seller in control.
Support : 1360, 1350, 1345, 1337 level.
Resistance : 1375, 1385, 1395, 1405 level.
Comment :
FKLI closed recorded loss with increasing volume participation doing 3 points premium compare to cash market that closed recorded huge losses. Overnight U.S. market closed severely lower and Asia markets ended mostly weaker while European markets currently rebounding mostly higher.
Asia market fell lower on rising concern of world leader running out of ways to and times to avoid another global economic recession. On the other hand, European market trading trading in positive zone ahead of G20 meeting on putting effort to salvage the getting worst global economy recovery.
Daily chart formed a doji bar candle with longer lower shadow closed outside of lower Bollinger band after market opened gap down, fall lower followed by upward climb to recovered partial of the day losses and traded range bound towards the end to closed near opening price.
Chart reading suggesting a downside biased market development with possible pullback correction 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 resistance or strength with moderate cut loss and profit target.

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