FKLI closed : 1556 changed : +10 points, volume : higher.
Bollinger band reading : upside biased with possible pullback.
MACD Histrogram : rising, buyer in control.
Support : 1550, 1540, 1530, 1515 level.
Resistance : 1565, 1580, 1590, 1600 level.
Comment :
FKLI closed recorded gains again for the 5th day in a row with improving volume transacted doing half point premium compare to cash market that registered minor gain while overnight U.S. market closed higher after data released showing improving unemployment data and regional market traded mostly higher.
Daily chart formed an up doji bar candle with longer lower shadow positioned above upper Bollinger band level after market opened gap up, tested higher unchanged, followed by mild profit taking pressed price to ease lower before recover upward to closed near the higher of the day.
Chart study still suggesting an upside biased market development with potential downward pullback correction after 5 consecutive days of climbs with a pattern similar to double bottom breakout forming.
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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