Bollinger band reading : correction range bound upside biased.
MACD Histrogram : turned upward, buyer defending.
Support : 1485, 1470, 1458 level.
Resistant : 1500, 1530, 1550 level.
Comment :
4.5 points range market FKLI ended higher in better but relatively low volume transactions after traded range bound the entire day as market seems lack of catalyst for move plus awaits US Fed chairman tonight Ben Bernanke statement on the housing issue. Daily chart formed a small body doji bar candle with traded side way range bound for the third day without any clear direction hovering near the upper part of the Bollinger band. Reading wise, uptrend still remained intact with a near term correction range bound upside biased development testing support and resistant to determined the underlying strength of the market.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.
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