FKLI closed : 1583 changed : -2 points, volume : lower.
Bollinger band reading : pullback correction upside biased.
MACD Histrogram : turned lower, buyer taking partial profit.
Support : 1580, 1565, 1550, 1540 level.
Resistance : 1590, 1600, 1610, 1620 level.
Comment :
FKLI closed recorded loss with relatively low volume exchanged doing 1 point premium compare to cash market that closed slightly lower while Asia and European market having mixed development with overnight U.S. market closed for independence day.
Market seems taking a breather after recent gains while Reuters reported that investors expectations for a moderate slowdown in Asia, rather than a hard landing, that will bring inflation rates down has been attracting capital inflows and increasing bets on a second-half recovery in stocks.
Daily chart formed a down doji bar candle closed below upper Bollinger band after market opened lower, traded side way range bound testing near support and resistance level and closed near opening price doing pullback correction.
Technical reading suggesting an upside biased market with pullback correction taking place development possibly testing lower support level.
When to buy : buy at support or weakness with moderate cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.
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