Wednesday, May 2, 2012

20120502 1752 FKLI EOD Daily Chart Study.

FKLI closed : 1583.5 changed : +18 points, volume : higher.
Bollinger band reading : pullback correction little downside biased.
MACD Histogram : recovering, seller taking profit.
Support : 1580,1570, 1565, 1550 level.
Resistance : 1590, 1595, 1600, 1605 level.
Comment :
FKLI closed rallied higher with increased volume transacted doing 1 point premium compare to cash market that also surged higher. Overnight U.S. markets closed recorded gains and today Asia markets ended in positive territory while European markets currently registering gains.
Global markets sentiment turned positive after better U.S. and China manufacturing data, rebounded Germany retail sales and Spain GDP down less than forecast.
End of day technical chart study adjusted to calling a pullback correction little downside biased market development.
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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