FKLI closed : 1552 changed : +3 points, volume : lower.
Bollinger band reading : correction range bound upside biased.
MACD Histrogram : weakening, buyer closing position.
Support : 1550, 1540, 1530, 1515 level.
Resistance : 1565, 1580, 1590, 1600 level.
Comment :
FKLI closed recorded small gain with lower volume changed hand doing 1 point premium compare to cash market that closed recorded minor loss and Asia region closed mostly lower, European currently trading little higher while overnight U.S. market continue to test lower.
Unsolved U.S. debt issue, no immediate stimulus plan to counter economy slowdown and ECB interest rate decision seems to be the factor to watch. Having said that, trader should anticipate an U.S. market technical rebound t take place soon after recent fall.
Daily chart formed an up doji bar candle with longer upper shadow closed near middle Bollinger band level after market opened 1 point above yesterday close, edge up higher slowly, and fall off lower surrender more than half of the intraday gain but still managed to closed back to above crucial support level.
Again(hate to repeat this but well that's the fact), chart reading still showing a correction range bound upside biased market development testing support and resistance level.
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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