FKLI closed : 1552 changed : -7 points, volume : higher.
Bollinger band reading : downside biased.
MACD Histrogram : resumed lower again, seller holding on.
Support : 1550, 1540, 1530, 1515 level.
Resistance : 1565, 1570, 1580, 1590 level.
Comment :
FKLI closed recorded loss with getting better volume exchanged doing 6 points discount compare to cash market that closed lower while Asia markets closed mixed bouncing between gain and losses and European markets currently trading mostly lower with overnight U.S. market closed recorded loss.
Full of uncertainty over endless argument between Democrat and Republican ways to raise U.S. debt limit lead regional market to trade directionless. News wise, Bloomberg survey shows that U.S. durable-goods orders rose 0.3 percent in June after a 2.1 percent gain in May, according to the median of 75 economists’ forecasts in a Bloomberg and news on Chinese industrial companies’ profits grew at a faster pace even after the government raised interest rates and tightened credit to counter inflation.
FKLI daily chart formed a down doji bar candle closed nearer to lower middle Bollinger band level after market opened lower, climb upwards above 1560 level and traded side way followed by some selling activities press price lower with some last minutes sell down triggered some stop loss order and closed recovered slightly to closed near the low of the day.
Chart study suggest that market is likely to trade downside biased for the near term with possible pullback correction 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.
No comments:
Post a Comment