Bollinger band reading : upside biased with possible pullback.
MACD Histrogram : rising, buyer in control.
Support : 1530, 1515, 1500, 1485 level.
Resistance : 1540, 1550, 1580, 1590 level.
Comment :
Rallied FKLI closed recorded gains with lower volume traded doing about 2.5 points premium compare to cash market as market anticipating Bank Negara could increase overnight rate to curb inflation lifted banking stocks higher while overnight U.S. market and regional markets closed mostly higher except for China Shanghai exchanged.
Daily chart formed an up doji bar candle with small upper and lower shadow closed right at upper Bollinger band level after market opened gap up, slide little lower and climbed upward triggered some short covering before easing little lower to closed off the high of the day.
Technical chart reading suggesting an upside biased market development testing higher resistance level with possibility of having a pullback correction.
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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