Friday, May 18, 2012

20120518 1809 FKLI EOD Daily Chart Study.

FKLI closed : 1526.5 changed : -7.5 points, volume : lower.
Bollinger band reading : pullback correction downside biased.
MACD Histogram : falling lower, seller in control.
Support : 1515, 1500, 1485, 1470 level.
Resistance : 1530, 1540, 1550, 1565 level.
Comment :
FKLI closed weaker with slowing down volume distributed doing 6 points discount compare to cash market that also closed 12 points lower. Overnight U.S. markets closed lower by more than 1% and today Asia markets ended lower while European markets currently trading weaker.
Missed forecast U.S. economic data and already bearish market sentiment due to European turmoil development sent global markets to trade weaker. Meanwhile tonight main focus will be on FACEBOOK debut.
Daily chart study remained unchanged suggesting a pullback correction 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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