FKLI closed : 1573 changed : -7.5 points, volume : higher.
Bollinger band reading : correction range bound upside biased.
MACD Histrogram : falling, buyer reducing position while seller testing market.
Support : 1565, 1550, 1540, 1530 level.
Resistance : 1580, 1590, 1600, 1610 level.
Comment :
FKLI closed recorded loss for the 2nd day with better volume transacted doing 5 points discount compare to cash market that closed lower while Asia and European markets traded negatively with overnight U.S. market continue to closed weaker.
Negative sentiment accelerate today on worries of Europe third largest economy Italy could be the next sovereign debt country plus. On the other hand, factor to monitor closely will be possibility of another round of China central bank rate hike to counter inflation that continue to reach higher level.
Daily chart formed a down doji bar candle with lower shadow positioned below middle Bollinger band level after market opened gap down, moved side ways within tight 4 points range market for the morning session and break lower in the after noon before recovered upward partially to closed off the low of the day.
Chart reading wise, FKLI are currection having correction range bound upside biased development testing support and resistance level with MACD indicator having positive cross up.
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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