Bollinger band reading : correction range bound little upside biased.
MACD Histrogram : falling, seller testing market.
Support : 1540, 1530, 1515, 1500 level.
Resistance : 1550, 1565, 1580, 1590 level.
Comment :
FKLI closed recorded loss with better volume transacted doing about 5 points discount compare to cash market that also closed recorded loss and regional markets (Asia and Europe) trading mostly lower while overnight U.S. market closed substantially lower.
Slowing down China economy intensified the negative sentiment market with unsolved Greek problem, doubting U.S. economy recovery plus sky high debts. Now, even the QE3 program by Federal Reserve is consider a negative measure.
Daily chart formed a down doji bar candle closed below middle Bollinger band support level after market opened lower, pushing really hard tested above support turned resistance 1550 level but selling pressure is just to heavy to hold on resulted market to fall downwards and closed near the low of the day.
Chart reading turned to suggesting a correction range bound little upside biased market development possible testing lower support level with MACD indicator having a negative cross down.
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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