Wednesday, October 5, 2011

20111005 1755 FKLI EOD Daily Chart Study.

FKLI closed : 1374.5, changed : +5.5 points, volume : lower.
Bollinger band reading : pullback correction downside biased.
MACD Histrogram : rising, seller reducing exposure.
Support : 1360, 1350, 1345, 1337 level.
Resistance : 1375, 1385, 1395, 1400 level.
Comment :
FKLI closed recorded gain with lesser volume changed hand doing 1 point discount compare to cash market that ended higher. Overnight U.S. market closed rebounded higher and today's Asia markets traded mixed while European markets currently trading higher.
Asia market traded mixed after news on Italy credit rating downgrade by Moody's Investor and speculation on Europe policy makers are examining measures to shield banks from the sovereign-debt crisis.
Daily chart formed an up doji bar candle positioned nearer to middle Bollinger band level after market trading between losses and gains to closed near opening price.
Technical study still suggesting a pullback correction downside biased market development testing support and resistance level with MACD indicator confirmed having positive cross over.
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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