Bollinger band reading : side way range bound little upside biased.
MACD Histrogram : recovering, seller closing position and buyer show interest.
Support : 1530, 1515, 1500, 1485 level.
Resistance : 1540, 1550, 1565, 1580 level.
Comment :
FKLI closed recorded substantial gain ahead of China inflation data with better volume participation doing 1 point discount compare to cash market that also recorded gain while regional markets trading mixed and U.S. overnight closed firmer.
News are more positive biased after our Prime Minister hinted that the country's general election could be anytime soon and China announced a better than forecast trade data plus U.S. corporate activities like launch of Apple iPad 2 and Microsoft - Skype deal.
Daily chart formed an up bar candle closed near upper Bollinger band level with the bandwidth start expanding after market gap up, taken few steps backward and surged higher to closed near the high of the day.
Chart reading turned to suggesting a side way range bound little upside biased 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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