Wednesday, October 19, 2011

20111019 1738 FKLI EOD Daily Chart Study.

FKLI closed : 1446.5, changed : +16.5 points, volume : lower.
Bollinger band reading : pullback correction little upside biased.
MACD Histrogram : turned lower, buyer lock in profit and reduce exposure.
Support : 1445, 1440, 1425, 1420 level.
Resistance : 1458, 1470, 1485, 1500 level.
Comment :
FKLI closed recorded substantial gains with quiet volume exchanged  recovered big chuck of yesterday huge losses doing 3.5 points discount compare to cash market that also closed higher. Overnight U.S. markets closed recorded gains and today Asia markets traded mixed while European markets opened and currently trading higher.
Overnight U.S. markets closed higher after Bank of America and Intel reported better than expectation quarterly earnings. Asia markets ended mixed after news on Moody's cut Spain credit rating for the third time since 2010. European markets opened and trading higher on European debt rescue fund expansion report.
Daily chart formed a small up doji bar candle closed nearer to upper Bollinger band after market opened higher, traded within 9 points range bound market through out the day.
FKLI is still doing pullback correction within a little upside 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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