Thursday, October 13, 2011

20111013 1739 FKLI EOD Daily Chart Study.

FKLI closed : 1439, changed : +0.5 point, volume : lower.
Bollinger band reading : side way range bound.
MACD Histrogram : rising, buyer having exposure.
Support : 1425, 1420, 1400, 1395 level.
Resistance : 1440, 1445, 1458, 1470 level.
Comment :
FKLI closed 1 tick higher with reduced volume exchanged doing 5.5 points discount compare to cash market that continue to rallied higher. Overnight U.S. markets closed recorded gains and Asia markets traded mostly higher while European markets currently easing lower.
Asia market reacted positively to news of European leaders edged closer to a plan for taming the debt crisis and the U.S. Federal Reserve said it discussed more asset purchases while European market tradng lower after news on China’s export growth slowed to its weakest pace in seven months and Carrefour cut its full-year profit forecast for the second time in three months.
Daily chart formed a doji bar candle positioned near upper Bollinger band level after market opened little higher, swing upwards tested higher resistance levels and fall lower recording loss before recovered upward slightly surendered most of intraday gains to closed near opening price.
Technical reading still suggesting a side way range bound 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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