Bollinger band reading : pullback correction little downside biased.
MACD Histrogram : falling, seller taking exposure.
Support : 1500, 1485, 1470, 1458 level.
Resistance : 1515, 1530, 1540, 1550 level.
Comment :
FKLI closed recorded small gain with higher volume changed hand doing 3 points discount compare to cash market that closed lower while regional markets trading mostly lower ahead of tonight release of U.S. non farm payrolls data.
News wise, Bank Negara Malaysia announced overnight interest rate hike by 0.25% to 3% and increased bank reserve requirement as inflation level continue to accelerate due to higher oil and food price.
Daily chart formed an up bar candle with lower shadow closed above lower Bollinger band level after market opened gap down, traded lower and recovered upwards to closed recorded gain as traders decided to cover short position ahead of the weekend and U.S. payrolls data.
Chart wise, reading suggesting a little downside biased market development with pullback correction taking place.
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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