FKLI closed : 1520.5 changed : +1.5 points, volume : higher.
Bollinger band reading : side way range bound.
MACD Histrogram : falling lower, seller in control.
Support : 1515, 1500, 1485, 1470 level.
Resistance : 1530, 1540, 1550, 1565 level.
Comment :
FKLI closed recorded marginal gain with better volume transacted doing about 7.5 points discount compare to cash market while Asia markets ended mostly lower and European markets currently trading lower. News wise, China raised bank reserve requirement again to curb accelerating inflation.
Daily chart formed a doji bar candle with long upper shadow positioned in between middle and lower Bollinger band after market opened little higher, shoot up tested middle Bollinger band resistance level before retreating downward all the way to closed at opening price surrendered earlier gains.
Chart reading remained suggesting a side way range bound market development testing support and resistance 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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