Friday, September 30, 2011

20110930 1749 FKLI EOD Daily Chart Study.

FKLI closed : 1381.5, changed : -11.5 points, volume : lower(higher for Oct contract).
Bollinger band reading : pullback correction downside biased.
MACD Histrogram : recovering, seller closing position.
Support : 1375, 1360, 1350, 1345 level.
Resistance : 1385, 1395, 1400, 1420 level.
Comment :
FKLI closed recorded loss lower volume traded with Oct 2011 contract doing 10.5 points discount compare to cash market nearly unchanged. Overnight U.S. market closed higher and today's Asia markets ended mostly lower while European markets currently trading in red registering loss.
Overnight market traded positive after Germany parliament approved plan to provide additional aid to Greece and U.S. better unemployment data but today reports from China's manufacturing data decline for a third month, the longest contraction since 2009, Deutsche Bank reported may lower its yearly profit target and German retail sales declined the most in more than four years in August lead most global markets to trade in negative territory.
Back home, KLCI cash market closed little lower probably due to 3rd quarter window dressing activities and coming 2012 budget speculation.
Daily chart formed a down doji bar candle closed nearer to middle Bollinger band level after market opened lower, edge up higher testing resistance level and fall lower followed by an about 13 points upward technical rebound before resume heading south reaching new low and recover slightly to closed off the low of the day.
Chart near term outlook still showing 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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