Tuesday, May 22, 2012

20120522 1751 FKLI EOD Daily Chart Study.

FKLI closed : 1535.5 changed : -1.5 point, volume : lower.
Bollinger band reading : pullback correction downside biased.
MACD Histogram : recovering, seller taking profit.
Support : 1530, 1515, 1500, 1485 level.
Resistance : 1540, 1550, 1565, 1570 level.
Comment :
FKLI closed little lower with drying out volume transacted doing 11 points discount compare to cash market that closed firmer. Overnight U.S. markets closed rebounded higher ending 6 days falls and today Asia markets ended in positive tone while European markets currently trading firmer.
Markets sentiment improved after Germany Finance Minister statement of "considering all ideas on spurring euro area growth" following yesterday China boosting economy announcement. On other news, Fitch rating have downgraded Japan debt credit rating and Facebook recorded 11% decline after 2nd day of listing on the Nasdaq securities exchange.
Daily chart analysis again calling a pullback correction downside biased market development with lesser and lesser participation as investors maintained sideline avoiding current markets uncertainty condition(G-8 meeting, Europe debt 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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