Monday, June 18, 2012

20120618 1735 FKLI EOD Daily Chart Study.

FKLI closed : 1581.5 changed : -1 points, volume : lower.
Bollinger band reading : correction range bound little upside biased.
MACD Histogram : resumed rising, buyer in advantage.
Support : 1580, 1570, 1565, 1550 level.
Resistance : 1590, 1600, 1610, 1620 level.
Comment :
FKLI closed 1 point lower with declined volume exchanged doing 1 point discount compare to cash market that closed little higher. Last Friday U.S. markets closed firmer and today Asia markets ended mostly higher while European markets currently drifting between gain and losses.
Greece election won by bailout support political parties eased the world concern on Greece's EU exits resulted global market to trade higher today. But back home, FKLI opened gap up, test higher and fell lower recorded marginal loss as Spain recorded higher bond yield amid Europe debt crisis remained dragging global economy growth. Other agenda coming will be G20 meeting development.
Daily chart reading still calling a correction range bound little upside biased market development with previous high resistance at 1591.5 level defending well.
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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