20110719 1739 FKLI EOD Daily Chart Study.

FKLI closed : 1562 changed : +1 points, volume : higher.
Bollinger band reading : side way range bound.
MACD Histrogram : falling, seller taking position.
Support : 1550, 1540, 1530, 1515 level.
Resistance : 1565, 1570, 1580, 1590 level.
Comment :
FKLI closed 2 ticks higher with much better volume participation doing 6 points premium compare to cash market that closed lower while Asia markets ended mixed and European markets currently trading higher with overnight U.S. market closed lower.
Market traded in and out of negative territory especially during 2nd half session as European region top companies reported improved earnings while U.S. IBM also reported beat estimates revenue. Mixed sentiment developed ahead of some of the major U.S. companies like Bank of America, Goldman Sachs and Apple Inc are scheduled to report earnings in the U.S. today but unsettle U.S. debt ceiling problem still haunting investors.
Daily chart formed a down doji bar candle will relatively long lower shadow closed above lower Bollinger band level after market opened and tested higher resistance level, traded side ways little downward followed by after lunch sell down triggered some stop loss order and recovered upwards salvaged all intraday losses to closed near opening price level.
Chart reading suggesting a side way range bound market development testing support and resistance level possibly having pullback correction after 2 days of severe falls.
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.