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 small gain with lower volume participation doing 2 points premium compare to cash market while Asia markets ended mostly lower and European markets currently trading higher. News wise, Standard & Poor’s put the U.S. government on notice that it risks losing its AAA credit rating unless policy makers agree on a plan by 2013 to reduce budget deficits and the national debt resulted overnight U.S. market to fall 140 points.
Daily chart formed an up bar candle with lower shadow positioned in between middle and lower Bollinger band after market opened gap down, tested lower and recovered upwards all the way to registered small gains closed near the high of the day.
Side way range bound market development still in play from technical reading point of view 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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