Bollinger band reading : correction range bound upside biased.
MACD Histrogram : turned downward, buyer taking profit.
Support : 1550, 1540, 1530, 1515 level.
Resistance : 1565, 1580, 1590, 1600 level.
Comment :
FKLI closed 1 tick higher with increasing but relatively low volume participation doing half point discount compare to cash market that closed little higher while regional(Asia & European) trading mostly lower and overnight U.S. market slumped severely lower after disappointing employment and manufacturing data.
Daily chart formed an up bar candle with small lower shadow still managed to closed near upper Bollinger band level after market opened gap down, tested little lower and recovered upward all the way closing the gap to closed at the high of the day.
Technical reading suggesting a correction range bound upside biased market development testing support and resistance level.
When to buy : buy at support or weakness with larger cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.
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