Thursday, October 20, 2011

20111020 1733 FKLI EOD Daily Chart Study.

FKLI closed : 1430.5, changed : -16 points, volume : higher.
Bollinger band reading : pullback correction little upside biased.
MACD Histrogram : weakening, buyer lock in profit and reduce exposure.
Support : 1425, 1420, 1400, 1395 level.
Resistance : 1440, 1445, 1458, 1470 level.
Comment :
FKLI closed recorded big losses with higher volume transacted surrendered back all yesterday gains doing 10.5 points discount compare to cash market that also closed recorded loss. Overnight U.S. markets closed lower and today Asia markets closed all in negative territory while European markets opened and currently trading lower.
Market optimism on European debt crisis solution cracked after news on Germany and France leader having divided opinion about European bailout fund plan resulted global market to trade negatively.
Daily chart formed a down doji bar candle with long lower shadow closed in between middle and upper Bollinger band level after market lower opened lower near the high of the day and 1 fall downward all the way followed by after lunch session partial upward recovery to closed off the low of the day.
Again, FKLI is still likely to trade in 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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