20110721 1730 FKLI EOD Daily Chart Study.

FKLI closed : 1563 changed : -1 point, volume : lower.
Bollinger band reading : side way range bound.
MACD Histrogram : falling, seller in advantage.
Support : 1550, 1540, 1530, 1515 level.
Resistance : 1565, 1570, 1580, 1590 level.
Comment :
FKLI closed marginally lower with slower volume changed hand doing 2.5 points discount compare to cash market that closed little higher while Asia markets ended mixed and European markets currently also trading mixed with overnight U.S. market closed slightly lower.
Full of uncertainty over U.S. debt limit and Greece bailout measure that has yet to form any solid decision lead regional markets to swing between gains and losses. News wise, Bloomberg reported that China’s manufacturing may contract for the first time in a year as output and new orders drop, preliminary data for a purchasing managers’ index indicated. Back home, Bumi Armada strong debut lead local index to ended higher.
FKLI daily chart formed the third down doji bar candle closed above lower Bollinger band level after market opened unchanged, traded range bound mostly in negative zone followed by second session testing effort at 1565 resistance level but still lower near opening price.
Chart study suggesting market to trade side way range bound for the near term testing support and resistance level awaits fresh lead or news on U.S. and Europe debt solution.
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.