Bollinger band reading : upside biased.
MACD Histrogram : rising, buyer taking position.
Support : 1540, 1530, 1515, 1500 level.
Resistance : 1550, 1565, 1580, 1590 level.
Comment :
FKLI closed recorded gains for the third day with little lower volume transacted doing 3 points premium compare to cash market that also closed higher while regional(Asia & European) trading mostly higher and overnight U.S. market closed little higher.
sentiment turns positive after few top guns reported higher corporate earnings plus news on government temporary halt on fuel price and power tariff hike.
Daily chart formed an up bar candle closed nearer to upper Bollinger band level after market opened gap up, edge up higher towards the end to closed near the high of the day.
Technical reading turned to suggesting a upside biased market development possibly testing higher resistance level with today price closed break above plotted upper downward line plus MACD indicator having 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.
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