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 recorded small gain with slower volume changed hand doing 1 point discount compare to cash market that closed little higher while regional(Asia & European) trading mixed and overnight U.S. market closed weaker.
Factor to watch here will be U.S. jobs reports, Moody's rating agency warned of a downgrade against U.S. economy should there is still no action taken on the U.S. debt ceiling issue.
Daily chart formed an up doji bar candle closed nearer to upper Bollinger band level after market opened unchanged, tested higher near resistance level and turned downwards lower recording loss before recovered partially to closed near opening price.
Chart reading still suggesting a correction range bound upside biased market development testing support and resistance level. On the other hand, the chart shows that a possible MACD Histrogram negative divergence is forming.
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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