Thursday, December 29, 2011

20111229 1742 FKLI EOD Daily Chart Study.

FKLI closed : 1510, changed : +5.5 points, volume : lower.
Bollinger band reading : little upside biased with possible pullback correction.
MACD Histrogram : rising, buyer taking exposure.
Support : 1505, 1500, 1494, 1485 level.
Resistance : 1515, 1530, 1540, 1550 level.
Comment :
FKLI closed recorded gain with relative low volume changed hand (due to holiday and change month) doing 3 points premium compare to cash market that closed slightly higher. Overnight U.S. market closed recorded loss and today Asia markets ended mixed while European markets also having mixed development.
Most market trading between gains and losses after news on record ECB balance sheet due to bank lending and ahead of New Year holiday.
Daily chart formed an up bar candle closed near upper Bollinger band level after market opened and traded lower followed by upward climbs before moved side ways range bound towards the end to closed near the high of the day.
Chart reading remained suggesting a little upside biased market development with possible pullback correction 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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