FKLI closed : 1579 changed : -5 points, volume : lower.
Bollinger band reading : correction range bound upside biased.
MACD Histrogram : falling, seller taking small exposure.
Support : 1565, 1550, 1540, 1530 level.
Resistance : 1580, 1590, 1600, 1610 level.
Comment :
FKLI closed recorded loss with slowing volume traded doing about 1 point discount compare to cash market that closed slightly lower while Asia markets ended mixed and European markets currently trading mostly lower with overnight U.S. market continue to closed higher.
News are mostly negative sided with concern on U.S. under review for a credit-rating downgrade by Moody, China’s $1 Trillion municipal debt seen toxic on cities land valuation issue and hope for U.S. QE3 stimulus and lifting of debt limit provide some support.
Daily chart formed a down doji bar candle with lower shadow closed above middle Bollinger band level after market lower, moved downwards breaking and traded below support level before recovered upward salvaging some losses but still failed to closed above 1580 support turned resistance level.
FKLI is still trading within a correction range bound upside biased development testing support and resistance level.
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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