Friday, May 4, 2012

20120504 1744 FKLI EOD Daily Chart Study.

FKLI closed : 1583 changed : +1 point, volume : higher.
Bollinger band reading : pullback correction little downside biased.
MACD Histogram : recovering, seller reducing position.
Support : 1580,1570, 1565, 1550 level.
Resistance : 1590, 1595, 1600, 1605 level.
Comment :
FKLI closed 1 point higher with little improved volume distributed doing 8 points discount compare to cash market that closed recorded gain. Overnight U.S. markets closed lower and today Asia markets ended mixed while European markets currently trading lower.
Rising concern over slowing global economy growth after lower than forecast manufacturing and services industry data from U.S. and Europe triggered investor to reduc eexposure and stay sideline ahead of U.S. jobless data, France presidential election and Greece parliment election.
Technical chart reading still suggesting a pullback correction little downside biased market development testing resistance near middle Bollinger band 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.

No comments: