Bollinger band reading : side way range bound.
MACD Histrogram : weakening, buyer taking profit.
Support : 1515, 1500, 1485, 1470 level.
Resistance : 1530, 1540, 1550, 1565 level.
Comment :
FKLI closed recorded substantial losses with higher volume transacted doing 10 points discount compare to cash market that also closed recorded wide losses while regional(Asia & European) trading in negative territory and last Friday U.S. market closed lower recorded declined for a third straight week.
News wise, increased worries on Greece will default on its debt after Fitch Ratings cut Greece’s credit rating triggered the euro dropped to a one-week low resulted a higher U.S Dollar plus Italy Outlook Revised to Negative by S&P added to the negative sentiment today.
Daily chart formed wide range down bar candle closed below middle Bollinger band support level after market opened gap down, edge up little higher and plunged downwards all the way to closed near the low of the day.
Technical reading turned to suggesting a side way range bound market development possibly testing lower support level with MACD indicator about to having a negative cross down.
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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