Wednesday, August 30, 2017

20170830 1838 FKLI EOD Daily Chart Study.

FKLI closed : 1765.5 changed : +10 points, volume : lower.
Bollinger band reading : pullback correction downside biased.
MACD Histogram : recovering, seller closing position.
Support : 1755, 1751.5, 1746, 1733, 1727 level.
Resistance : 1768, 1777.5, 1787, 1792, 1797.5 level.

Comment :
FKLI recovered higher on expiry after yesterday break down from a 2 weeks range bound congestion ahead of the long holidays with September contract doing about 13 points discount compare to cash market that closed higher.
Major European and Asia indexes also recovered as fear on Nouth Korea missile test recede but the tension between US and North Korea remained the main factor that market players monitor closely in coming week.
From technical view, FKLI daily chart is having a pullback after yesterday oversold below lower Bollinger band within a downside biased market development. Should market continue to recover higher next week back into the previous range bound zone will resulted a false break down but if market break and stay below 1750 level would see market testing lower support.
When to buy : buy at support or correction with quick cut loss and medium profit target.
When to sell : sell at resistance or pullback with quick cut loss and quick profit target.

No comments: