Monday, October 17, 2011

20111017 1735 FKLI EOD Daily Chart Study.

FKLI closed : 1470.5, changed : +24 points, volume : higher.
Bollinger band reading : little upside biased with possible pullback correction.
MACD Histrogram : rising, buyer in control.
Support : 1470, 1458, 1445, 1440 level.
Resistance : 1485, 1500, 1515, 1530 level.
Comment :
FKLI rallied closed recorded huge gains with improved volume traded doing 5 points premium compare to cash market that also closed higher. Last Friday U.S. markets closed recorded gains and today Asia markets traded mostly higher while European markets opened and currently trading in positive territory.
Improve U.S. retail sales, Group of 20 finance chiefs endorsed parts of a plan to halt the European region’s debt crisis resulted global markets to trade higher.
Daily chart formed a wide range up bar candle with upper shadow closed above upper Bollinger band level after market opened higher and surged upwards by more than 25 points within 10 minutes followed by retracement downward and traded range bound before resume climbing higher to closed near the high of the day.
Chart reading wise, market is likely to trade little upside biased with possible pullback correction testing support and resistance level after 6 consecutive days of recording gain.
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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