Bollinger band reading : correction range bound little upside biased.
MACD Histrogram : falling, seller taking small exposure.
Support : 1540, 1530, 1515, 1500 level.
Resistance : 1550, 1565, 1580, 1590 level.
Comment :
FKLI closed recorded gain with rising volume participation doing 3.5 points discount compare to cash market that closed slightly higher and regional markets (Asia and Europe) trading mostly higher while overnight U.S. market closed edged up 1 point.
News wise, China reported better than forecast industrial output, inflation accelerated to 5.5 percent in May 2011 and China central bank announced increase of bank reserve ratio by 0.5 basis point seems. While bank home, Reuters reported that Malaysia Sugar IPO institutional subscription over subscribed by 70 times.
Daily chart formed an up doji bar candle with longer lower shadow still closed below middle Bollinger band after market opened higher, fall lower tested below support level and recovered upwards tested near resistance level before eased to closed off the high of the day.
Chart wise, reading still suggesting a correction range bound little 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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