Wednesday, May 23, 2012

20120523 1735 FKLI EOD Daily Chart Study.

FKLI closed : 1530.5 changed : -5 points, volume : higher.
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 weaker with improved volume participation doing 8.5 points discount compare to cash market that closed recorded loss. Overnight U.S. markets closed nearly unchanged and today Asia markets ended in reds while European markets currently trading lower by more than 1.5%.
Restored investor worries over European debts and political development sent global markets to trade poorly today after recent rebound.
Daily technical reading still showing a pullback correction phase within a downside biased market development possibly testing previous low support 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: