Thursday, September 6, 2012

20120906 1721 FKLI EOD Daily Chart Study.

FKLI closed : 1611.5 changed : -23.5 points, volume : higher.
Bollinger band reading : downside biased with possible pullback correction.
MACD Histogram : resume falling, seller taking exposure.
Support : 1600, 1595, 1590, 1575 level.
Resistance : 1615, 1623, 1630, 1640 level.
Comment :
FKLI closed fell severely recorded huge losses with rising volume distributed doing 6.5 points discount compare to cash market that also plunge significantly lower. Overnight U.S. market closed mixed and today Asia markets ended  rebounded little higher while European markets currently trading higher.
Asia and Europe market rebounded as investors await ECB meeting on bond buying program announcement and news on China approved subway infrastructure project plan for 18 cities.
Back home, FKLI daily chart reading revised to suggesting a downside biased market development with possible pullback correction.
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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