FKLI closed : 1224, changed : -9 points, volume : higher.
Bollinger band reading : bearish.
MACD Histrogram : mild recovery, seller taking profit.
Support : 1222, 1215, 1202 level.
Resistant : 1228, 1232, 1238 level.
Comment :
Overnight Dow jones dropped, lead FKLI to opened gap down, trade lower and test another 3 month low followed by some partial profit taking activities pushed price to recover slightly. The hourly chart continue to record bearish reading but with price traded little outside the lower Bollinger on the last 4th candle shows some sign of market oversold condition that cold trigger more profit taking activities to form a pullback effect. Expect market to trade side way range bound downside biased.
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