Bollinger band reading : correction range bound upside biased.
MACD Histrogram : getting lower, buyer taking profit.
Support : 1550, 1540, 1530, 1515 evel.
Resistance : 1565, 1580, 1590, 1600 level.
Comment :
FKLI closed recorded losses with better volume changed hand ahead of the weekend doing 7 points discount compare to cash market while regional market ended mixed after news on European Central Bank rate hike and another earthquake hit northeast Japan(Thank God less severe this time).
Daily chart formed a down bar candle positioned lower from upper Bollinger band level after market opened 1 tick lower, traded range bound followed by 2nd session profit taking activities pressed price lower and settle near the low of the day.
Chart reading remained unchanged suggesting a correction range bound upside biased market development possibly correcting downward testing middle Bollinger band support level.
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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