20091022 1754 FKLI EOD Daily Chart Study.

FKLI ended today down 5 points to closed at 1255 forming another black bar candle. At closed priced still remained above mid Bollinger Band after hitting the upper band confirmed that the market are doing a healthy correction. Bollinger Band contracted marginally suggest that market can move from side way to downward. Today is definitely a seller day as shown on MACD Histrogram that continue to slide downwards. Overall the healthy correction can go as low as the mid Bollinger Band that also act as the immediate daily chart support level.I think tomorrow might be a quite day as trader awaits the budget announcement.

When to buy : buy on support with larger cut loss and profit.
When to sell : sell on top(smaller timeframe) reveral for break down with quick cut loss and profit.