Bollinger band reading : side way range bound little downside biased.
MACD Histrogram : falling, seller taking some exposure.
Support : 1515, 1500, 1485, 1470 level.
Resistance : 1530, 1540, 1550, 1565 level.
Comment :
FKLI closed recorded loss again with increasing volume participation doing about 12.5 points discount compare to cash market that closed little lower while regional markets traded mostly in red.
News reported that higher U.S. Dollar triggered sell down in commodities influencing investor to stay caution avoid taking higher risk.
Daily chart formed a down doji bar candle closed below middle Bollinger band level with the bandwidth getting narrow after market opened little lower, edge up slightly and sell down tested lower Bollinger band level before recovered partial of intraday losses to closed off the low of the day.
Technical reading turned to suggesting a side way range bound little downside biased market development testing support and resistance level. Market looks weak for the near term as price closed below plotted upward line with MACD indicators failed to do a positive cross up.
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.
No comments:
Post a Comment