Friday, November 9, 2012

20121109 1732 FKLI EOD Daily Chart Study.

FKLI closed : 1634.5 changed : -2.5 points, volume : lower.
Bollinger band reading : pullback correction downside biased.
MACD Histogram : turned upward, seller taking profit.
Support :  1635, 1627, 1623, 1615, 1600 level.
Resistance : 1640, 1645, 1651, 1657 level.
Comment :
FKLI closed recorded loss for the 8th straigth days with declined volume transacted doing 6 points discount compare to cash market that closed flat. Overnight U.S markets continue to trade weaker and today Asia markets closed weaker while European markets currently trading in nagative zone.
Negative sentiment persisted today on U.S. fiscal cliff concern and China commerce minister statement on "very difficult" to maintain hit 10% trade growth.
FKLI daily chart reading continue to suggest 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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