Wednesday, October 24, 2012

20121024 1736 FKLI EOD Daily Chart Study.

FKLI closed : 1672 changed : +2.5 points, volume : lower.
Bollinger band reading : correction range bound upside biased.
MACD Histogram : rising higher, buyer in control.
Support : 1670, 1660, 1657, 1651, 1645 level.
Resistance : 1680, 1690, 1700, 1710 level.
Comment :
FKLI closed recorded gain for the 3rd day touched new all time high with reducing volume transacted doing 4 points premium compare to cash market closed firmer. Overnight U.S. markets declined lower and today Asia markets traded mixed while European markets currently registering small loss.
World markets traded mixed after news on a report showing China’s manufacturing may decline less and recent weaker U.S. corporate earnings amid slowing global economy growth concern.
FKLI daily chart reading remained suggesting a correction range bound 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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