Friday, October 5, 2012

20121005 1738 FKLI EOD Daily Chart Study.

FKLI closed : 1662.5 changed : -3 points, volume : lower.
Bollinger band reading : pullback correction upside biased. 
MACD Histogram : turned downward, buyer taking profit. 
Support : 1660, 1657, 1651, 1645 level.
Resistance : 1670, 1680, 1690, 1700 level.
Comment :
FKLI closed recorded small loss with declined volume transacted doing 2 points premium compare to cash market that also marginally lower. Overnight U.S. market closed higher and today Asia markets ended mostly recorded gains while European markets currently trading higher. 
ECB bond buying pledge statement and better than estimates U.S. economic data send global markets trading higher. Back home, FKLI touched new high again and fell down into negative zone as investors realising profit ahead of the weekend.  
Daily chart reading revised to suggesting a pullback correction upside 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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