Wednesday, September 12, 2012

20120912 1724 FKLI EOD Daily Chart Study.

FKLI closed : 16006 changed : +2.5 points, volume : lower.
Bollinger band reading : pullback correction downside biased.
MACD Histogram : turned upward, seller taking profit.
Support : 1600, 1595, 1590, 1575 level.
Resistance : 1615, 1623, 1630, 1640 level.
Comment :
FKLI closed recorded small gain having technical rebound with slower volume transacted doing 7.5 points discount compare to cash market that ended marginally lower. Overnight U.S. market closed higher and today Asia markets ended in positive zone while European markets currently trading higher.
World market's sentiment turned positive after China Premier Wen statement signals potential more stimulus measure to be introduce, speculation on U.S. Federal Reserve will announce further easing after 2 days meeting that ends tomorrow and positive development over Europe Union on sovereign debt issue (Germany court constitutional condition approvals) while Japan reported beat estimate machinery orders.
Daily technical chart reading adjusted to calling a pullback correction downside biased market 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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