FKLI closed : 1528.5 changed : -1.5 point, volume : higher.
Bollinger band reading : side way range bound.
MACD Histrogram : recovering, seller lock in profit.
Support : 1515, 1500, 1485, 1470 level.
Resistance : 1530, 1540, 1550, 1565 level.
Comment :
FKLI closed recorded small loss with better volume exchanged doing 2 points premium compare to cash market that is also recorded loss while regional markets traded mostly higher. Market seems not quite comfortable with the news on Malaysia’s Inflation accelerated to 23 month high for the month of Mar 2011 that could triggered Bank Negara to tighten monetary policy(question here is to raised overnight interest rate or to increase bank reserve again but personally this could be a sign of further growth).
Daily chart formed a down doji bar candle closed below middle Bollinger band level after market opened gap up, tested little higher and slide downwards lower to closed near the low of the day despite major Asia markets traded higher.
Again, hate to write this but still, technical 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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