20110110 1813 FKLI EOD Daily Chart Study.

FKLI closed : 1562.5 changed : - 9 points,  volume : higher.
Bollinger band reading : correction range bound upside biased.
MACD Histrogram : turned lower, buyer taking profit.
Support : 1560, 1550, 1540 level.
Resistance : 1570, 1580, 1590 level.
Comment :
FKLI ended lower having pullback correction for the first time since the new year rally started with higher volume transacted doing 1 point discount compare to cash market while regional market closed mostly lower as sentiment turned little negative after China announced a lower 2010 export plus possible imposing a property tax with China, Indonesia and India market recorded severe loss. Meanwhile last Friday U.S. payroll data released shown a mixed figure on the U.S. economy recovery pace.
Daily chart formed a wide range bar candle with an almost bearish engulfing candlestick pattern corrected downward from the upper Bollinger band level with the reading suggesting a pullback correction range bound upside biased market reading.
When to buy : buy at support or weakness with larger cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.