Thursday, October 6, 2011

20111006 1748 FKLI EOD Daily Chart Study.

FKLI closed : 1397.5, changed : +23 points, volume : lower.
Bollinger band reading : pullback correction downside biased.
MACD Histrogram : rising, seller reducing exposure.
Support : 1395, 1385, 1375, 1360, 1350 level.
Resistance : 1400, 1420, 1430, 1440 level.
Comment :
FKLI closed recorded huge gains with declining volume exchanged doing 3.5 points premium compare to cash market that also ended higher. Overnight U.S. market continue to closed rebounded higher and today's Asia markets traded higher while European markets currently trading firmer.
Better than forecast U.S. economic data and optimism over European leaders will contain the region’s debt crisis lifted regional markets to trade higher. Market also awaits today ECB announcement on interest rate.
Daily chart formed an up bar candle closed above middle Bollinger band level after market opened gap up, traded side way range bound testing higher resistance level and closed near the high of the day.
Chart reading sstill 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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