Bollinger band reading : side way range bound.
MACD Histrogram : resume lower, both buyer and seller testing market.
Support : 1515, 1500, 1485, 1470 level.
Resistance : 1530, 1540, 1550, 1565 level.
Comment :
FKLI closed recorded loss with little improved volume transacted doing almost 5 points discount compare to cash market that recorded small loss while regional markets traded mostly lower after resume trading from Labour day holiday.
News wise, Bloomberg reported that more than estimated India's central bank interest rate hike announcement spurring concern that higher borrowing cost globally may slow growth while the dead of Osama Bin Laden could possibly increase the risk of retaliation by al-Qaeda to the U.S and its allies.
On the other hand U.S. will start taking “extraordinary” steps to extend the federal government’s authority to borrow funds as it nears the national debt ceiling also raising worry on the U.S. economy.
Daily chart formed a down doji bar candle closed below middle Bollinger band level after market opened lower, tested previous closing price before slide lower and closed recovered slightly near the low of the day.
Chart reading remained calling for 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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