Bollinger band reading : correction range bound little upside biased.
MACD Histrogram : turned upward, buyer seller battling.
Support : 1550, 1540, 1530, 1515 level.
Resistance : 1565, 1580, 1590, 1600 level.
Comment :
FKLI closed recorded gain with lower volume transacted doing 5.5 points discount compare to cash market that closed higher and Asia closed mixed, Europe currently trading lower while overnight U.S. market closed higher.
Locally, sentiment turned positive today after government seek to rise spending, MITI expected Malaysia 2011 exports to rise 9.5%. However, key index like Hang Seng and Shanghai closed lower soften FKLI upward movement.
Daily chart formed an up doji bar candle closed above middle Bollinger band level after market opened higher, moved lower and rise upward higher before ease down slightly but managed to closed above 1550 resistance now turned support level.
Chart reading remained 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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