Tuesday, November 15, 2011

20111115 1745 FKLI EOD Daily Chart Study.

FKLI closed : 1462, changed : -8.5 points, volume : lower.
Bollinger band reading : pullback correction little upside biased.
MACD Histrogram : falling, buyer leaving as seller testing market.
Support : 1458, 1445, 1440, 1435 level.
Resistance : 1470, 1477, 1485, 1491 level.
Comment :
FKLI closed recorded loss surrender most of yesterday gains with decreasing volume transacted doing huge 15 points discount compare to cash market that closed marginally lower. Overnight U.S. markets ended recorded loss and today Asia markets closed mostly lower while European markets currently in negative zone.
Resume concern on European debt problem after higher Italy bond yield development.
Daily chart formed a down doji bar candle closed below middle Bollinger band support level after market opened lower, edge few ticks higher and traded side way range bound followed by last 30 minutes fall lower to closed near the low of the day.
Chart wise, market still likely to trade within a pullback correction little upside biased 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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