Bollinger band reading : pullback correction range bound downside biased.
MACD Histrogram : turned upward, seller taking profit.
Support : 1500, 1485, 1470 level.
Resistance : 1515, 1530, 1540 level.
Comment :
Technical rebound FKLI closed recorded big gains with lesser volume participation doing nearly 1.5 point premium compare to cash market as sellers decided to lock in profit after last week severe fall pushed price higher while all regional market closed rebounding higher after Egypt president steps down news.
Daily chart formed an up doji bar candle after market opened gap up and tested higher resistant level but closed off the high of the day doing pullback correction. Reading wise, market is likely to trade correction range bound within a downside biased market development testing support and resistant.
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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