Bollinger band reading : upside biased with possible pullback correction .
MACD Histrogram : rising, buyer in control.
Support : 1550, 1540, 1530, 1515 level.
Resistance : 1565, 1580, 1590, 1600 level.
Comment :
FKLI closed recorded substantial gains with little higher volume changed hand and Jun 2011 contract closed doing less a point discount compare to cash market that also closed higher while regional(Asia & European) trading mostly higher and overnight U.S. market closed up slightly.
Government power taffic hike announcement lifted heavy weight counter Tenaga to gain as much as 9.05% pushing cash market to closed higher contributed to today's bullish market sentiment.
Daily chart formed an up bar candle with little upper and lower shadow closed above upper Bollinger band level after market opened little higher, took few steps downwards and surge upward all the way tested 4 months higher and retreat slightly to closed off the high of the day.
Chart reading suggesting a upside biased market development testing previous high near 1580 level but having said that market could possibly having pullback correction soon.
When to buy : buy at support or weakness with larger cut loss and profit target or buy at breakout 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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