Bollinger band reading : upside biased with possible pullback correction.
MACD Histrogram : rising higher, buyer in control.
Support : 1565, 1550, 1540, 1530 level.
Resistance : 1580, 1590, 1600, 1610 level.
Comment :
FKLI closed recorded gain with shrinking volume transacted doing 4.5 points premium compare to cash market that closed recorded marginal gain while Asia markets closed higher and European markets currently trading in positive zone with overnight U.S. market closed weaker.
News wise, China's Premier Wen speech on effort to stem China inflation have seen result and The International Energy Agency's (IEA) decision to release 60 million barrels of crude oil from strategic reserves seems welcomed by the market.
Daily chart formed an up bar candle closed little above upper Bollinger band level after market opened 1 tick higher, edge upward slowly followed by last hour push resulted price to closed near 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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