Friday, October 7, 2011

20111007 1728 FKLI EOD Daily Chart Study.

FKLI closed : 1386, changed : -11.5 points, volume : higher.
Bollinger band reading : side way range bound downside biased.
MACD Histrogram : rising, seller reducing exposure.
Support : 1385, 1375, 1360, 1350 level.
Resistance : 1395, 1400, 1420, 1430 level.
Comment :
FKLI closed recorded loss with little improved volume transacted on 2012 budget announcement day doing 14 points huge discount compare to cash market that ended higher. Overnight U.S. market continue to rebound higher and today's Asia markets traded higher while European markets currently having mixed development.
News on European Central Bank said yesterday it will reintroduce yearlong loans, giving banks access to unlimited cash through January 2013 restore to a certain extend of confident to the market sentiment while investors awaited the monthly U.S. jobs report.
Daily chart formed a down bar candle closed below middle Bollinger band level after market opened higher and swinging downward to closed near the low of the day.
Technical reading suggesting a side way range bound downside biased market development testing support and resistance level possibly resume downward movement.
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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