Finally, the much awaited correction happen today after a long mountain climbing journey. FKLI closed 11 points lower at 1260 due to long position locked in profit a head of the coming Friday 2010 budget announcement forming a black candle and also a possible evening star candle stick pattern. Lots of protective stop loss order also been triggered today.
Chart wise, FKLI still closed above the mid Bollinger Band telling us that the bull run has not end yet. Bollinger Band width still expanding but at a slower pace indicate that market could possibly turned upward but with limited upside space available. Aggresive seller determination to lock in profit today also forced the MACD Histrogram reversed downward. Overall, FKLI is doing a correction in a bullish market. With the previous over extended climbing session, it is possible
that this correction to be a substantial one.
When to buy : Buy on support with quick profit and cut loss.
When to sell : Sell on break down with quick profit and cut loss.
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