Bollinger band reading : correction range bound upside biased.
MACD Histrogram : getting lower, buyer profit taking.
Support : 1550, 1540, 1530, 1515 evel.
Resistance : 1565, 1580, 1590, 1600 level.
Comment :
FKLI closed recorded gains with lower volume participation doing about 2 points discount compare to cash market while regional market having mixed development as market awaits European Central Bank interest rate announcement.
Daily chart formed an up doji bar candle positioned nearer to upper Bollinger band level after market opened gap up, dip little lower before surge higher to closed near the high of the day.
Chart reading suggesting a correction range bound upside biased market development possibly testing higher resistance level near upper Bollinger band as price managed to closed above of previous high of 1557.5 but the only issue here will be lack of volume transacted for the past 1 week.
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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