Tuesday, June 19, 2012

20120619 1747 FKLI EOD Daily Chart Study.

FKLI closed : 1597.5 changed : +16 points, volume : higher.
Bollinger band reading : upside biased with possible pullback correction.
MACD Histogram : resumed rising, buyer in advantage.
Support : 1590, 1580, 1570, 1565 level.
Resistance : 1600, 1610, 1620, 1630 level.
Comment :
FKLI rallied significantly higher with improved volume participation doing 2.5 points premium compare to cash market that also closed higher. Overnight U.S. markets closed little lower pulling back after recent climb and today Asia markets ended mixed while European markets currently trading higher.
Higher Spain borrowing cost and possible Greece bailout renegotiation development resulted global markets to trade mixed without clear direction while back home Malaysia market trade surge higher possibly on better prospect after Felda Global Venture IPO recorded good result and possible U.S. and China stimulus measure.
Technical chart study adjusted to recommending an upside biased market development with possible pullback correction after breaking previous high resistance now turned support at 1591.5 level and now possible testing year high near 1606.5 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.

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