Bollinger band reading : side way range bound little downside biased with possible pullback correction.
MACD Histrogram : falling, seller taking exposure.
Support : 1500, 1485, 1470, 1458 level.
Resistance : 1515, 1530, 1540, 1550 level.
Comment :
FKLI closed recorded loss for the third day with slower volume transacted doing 11 points discount compare to cash market that closed lower while regional markets trading mixed.
Slowing down growth on U.S. service sector, rate hike announced by India and Vietnam central bank seems shying traders away avoiding having too much exposure.
Daily chart formed a down bar candle with upper shadow closed below lower Bollinger band level with the bandwidth narrowing after market opened unchanged, traded within 10.5 points range bound market and closed right at yesterday and today's low.
Chart reading suggesting a side way range bound little downside biased market development with possible upward pullback correction 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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