Thursday, November 8, 2012

20121108 1742 FKLI EOD Daily Chart Study.

FKLI closed : 1637 changed : -3.5 point, volume : lower.
Bollinger band reading : pullback correction downside biased.
MACD Histogram : falling lower, seller in control.
Support :  1635, 1627, 1623, 1615 level.
Resistance : 1640, 1645, 1651, 1657 level.
Comment :
FKLI closed weaker with increased volume participation doing 4 points discount compare to cash market that closed little lower. Overnight U.S markets slumped substantially lower and today Asia markets closed in negative territory while European markets currently trading little higher.
Focus on U.S. fiscal cliff a 607 billion of tax increase and spending cut, China leadership congress meeting to choose new leader and slower than forecast Japan machinery orders send global markets traded lower.
FKLI daily chart wise, reading revised to suggesting 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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