Bollinger band reading : pullback correction upside biased.
MACD Histrogram : rissing higher, buyer in control.
Support : 1550, 1540, 1530, 1515 level.
Resistance : 1565, 1580, 1590, 1600 level.
Comment :
FKLI closed 1 tick lower with decreasing quiet volume changed hand doing almost par with cash market that closed recorded loss while Asia markets closed mixed and Europe markets curently trading lower with overnight U.S. market resume lower after few days of technical rebound.
News wise, Federal Reserve Chairman Ben S. Bernanke cut the central bank’s growth forecast for U.S. and didn’t signal further stimulus lead market sentiment to negative territory again while earlier in the morning, Japan report another earthquake that triggered tsunami alert.
Daily chart formed an up doji bar candle with upper shadow closed below upper Bollinger band level after market opened gap down, pushed higher tested above resistance level and eased lower to closed off the high of the day.
Technical reading suggesting pullback correction upside biased market development possibly testing lower support near middle Bollinger band.
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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