Bollinger band reading : upside biased with possible pullback.
MACD Histrogram : rising, buyer in charge.
Support : 1540, 1530, 1515, 1500 level.
Resistance : 1550, 1580, 1590, 1600 level.
Comment :
FKLI closed recorded gains again for the 3rd day with lower volume traded with Apr 2011 contract doing 3 points discount compare to cash market after heavy weight stocks like Genting and Banking stocks traded higher after CIMB bank announced a higher BLR rate due to Bank Negara increased bank reserve requirement while overnight U.S. market and regional markets closed mostly higher.
Daily chart formed an up bar candle closing above upper Bollinger band level after market opened gap up, traded side ways followed by second session buying activities lifted price higher to closed near the high of the day.
Chart reading suggesting an upside biased market development with potential of having a downward 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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