Tuesday, October 11, 2011

20111011 1720 FKLI EOD Daily Chart Study.

FKLI closed : 1405.5, changed : +2 points, volume : lower.
Bollinger band reading : side way range bound downside biased.
MACD Histrogram : rising, seller closing position while buyer testing market.
Support : 1400, 1395, 1385, 1375 level.
Resistance : 1420, 1425, 1440, 1445 level.
Comment :
FKLI ended little higher with declining volume changed hand doing 6 points discount compare to cash market that closed recorded gains. Overnight U.S. market closed recorded huge gains and Asia markets traded mostly higher while European markets currently trading lower.
Asia markets traded mostly higher after news on Chinese state-run investment arm began accumulating the nation's 4 biggest banks after valuations dropped. European market turned from gains to loss as investor s awaits Slovakia vote on the euro-area bailout fund and news on Europe delays summit as Greek writedowns may top 60%.
Daily chart formed a down doji bar candle closed in between middle and upper Bollinger band level after market opened and traded higher, slide downwards lower tested near support level and rebound slightly upward to closed off the low of the day.
Technical wise, market is likely to trade side way range bound within a 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 quick cut loss and profit target.

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