FKLI closed : 1516 changed : -19.5 points, volume : lower.
Bollinger band reading : side way range bound.
MACD Histrogram : falling lower, seller seems in advantage.
Support : 1515, 1500, 1485, 1470 level.
Resistance : 1530, 1540, 1550, 1565 level.
Comment :
Wild market FKLI closed recorded losses surrender all yesterday gains with lower volume changed hand doing almost 10 points discount compare to cash market while regional markets traded mixed. News wise, China reported higher than expected new loan approvals and China Forex reserve soar past 3 trillion adding inflation headache. Meanwhile in U.S., president Obama seems not getting much support from congress on the budget and tax plan.
Daily chart formed a wide range down bar candle closed lower from middle Bollinger band after market opened little lower, moved few ticks upward and traded downward swing movement to end near the low of the day.
Chart reading turned into suggesting a side way range boung market development testing support and resistance level with MACD indicator having negative cross down and negative convergence taking place.
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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