FKLI closed : 1584 changed : +11 points, volume : lower.
Bollinger band reading : correction range bound upside biased.
MACD Histrogram : falling, buyer reducing position while seller testing market.
Support : 1580, 1565, 1550, 1540 level.
Resistance : 1590, 1600, 1610, 1620 level.
Comment :
FKLI closed recorded gains with lower volume participation salvaging partial of recent falls doing 3 points premium compare to cash market that closed little higher while Asia and European markets traded mostly higher with overnight U.S. market continue to closed lower.
China come to the rescue by announcing a better economic data of higher GDP and industrial output offsetting some worries over a global slowdown, euro zone debt problem and wider U.S. trade deficit.
Daily chart formed an up bar candle closed above middle Bollinger band level after market and traded higher higher throughout the day and closed near the high of the day.
Chart reading remained suggesting a correction range bound upside biased development testing support and resistance level. As good news from China been released, market now awaits further development from European debt crisis and U.S. lawmakers negotiation on QE3 stimulus approval.
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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