FKLI closed : 1546 changed : -6 points, volume : lower.
Bollinger band reading : downside biased with possible pullback correction.
MACD Histrogram : falling lower, seller holding on.
Support : 1540, 1530, 1515, 1500 level.
Resistance : 1550, 1565, 1570, 1580 level.
Comment :
FKLI closed recorded loss with decreased volume traded doing about 6 points discount compare to cash market that closed lower while Asia markets closed mostly lower and European markets currently trading weaker with overnight U.S. market closed recorded severe losses.
Still pending deadlock over raising the federal debt limit, declined in durable goods orders in the U.S. and Standard & Poor’s saying that Greece will partially default on its debt once European officials push through a plan that will see bondholders foot part of the bill of a second bailout agreed to last week in Brussels dragged down regional banking stocks prices.
Daily chart formed a doji bar candle closed near lower Bollinger band level after market opened lower, trade range bound tested support and resistance between 1550 and 1540 levels and closed right at opening price.
Technical chart reading suggesting a downside biased market development 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.
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