Tuesday, October 16, 2012

20121016 1737 FKLI EOD Daily Chart Study.

FKLI closed : 1653 changed : -4 points, volume : lower.
Bollinger band reading : correction range bound upside biased. 
MACD Histogram : falling lower, seller testing market. 
Support : 1651, 1645, 1640, 1635 level.
Resistance : 1657, 1660, 1670, 1680 level.
Comment :
FKLI closed recorded loss with quiet volume transacted doing 0.5 discount compare to cash market that closed marginally lower. Overnight U.S. markets closed higher and today Asia markets ended mostly recorded gains while European markets currently trading in positive zone. 
Overnight beats consensus U.S. retail sales data send most of the world markets higher. Back home, KLCI market closed in negative territory weighed down by some index link plantation counters due to continue weaket crude palm oil price.
FKLI daily chart reading suggesting a corrention range bound upside biased market development with MACD indicator having negative cross down. 
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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