Wednesday, September 28, 2011

20110928 1744 FKLI EOD Daily Chart Study.

FKLI closed : 1366, changed : +4 points, volume : lower.
Bollinger band reading : pullback correction downside biased.
MACD Histrogram : recovering, seller taking profit.
Support : 1360, 1350, 1345, 1337 level.
Resistance : 1375, 1385, 1395, 1405 level.
Comment :
FKLI closed recorded gain with declined volume changed hand doin5.5 points discount compare to cash market that closed higher. Overnight U.S. market continue to climb higher and Asia markets ended mixed while European markets currently trading lower.
Global markets reacted mixed on the latest news that some euro-area countries are demanding private creditors to accept a bigger writedown on their Greek bond holdings. World news reported that Shanghai closes 13 subway stations, after crash Injures 271 (second crash).
Daily chart formed an up doji bar candle with long lower shadow positioned above lower Bollinger band level after market opened little higher, dip 20 points lower within first 30 minutes and climb upwards slowly into positive territory to closed near the high of the day.
Technical reading still suggesting a pullback correction downside biased market development 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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