FKLI closed : 1546.5 changed : +0.5 points, volume : lower(both July or August).
Bollinger band reading : downside biased with possible pullback correction.
MACD Histrogram : turned upward, seller taking profit.
Support : 1540, 1530, 1515, 1500 level.
Resistance : 1550, 1565, 1570, 1580 level.
Comment :
FKLI closed 1 tick higher with decreasing volume exchanged while August month contract is doing 10 points discount compare to cash market that closed little weaker. Asia markets closed mostly in negative territory and European markets currently trading recording loss with overnight U.S. market closed recorded loss again.
Near deadline U.S. debt problem, called off by U.S. lawmakers to vote on a Republican plan for raising the nation’s debt limit, possible downgrade of Spain rating in Europe and avoiding exposure over the weekend lead market to trade in lower ground.
Daily chart formed an up doji bar candle closed near lower Bollinger band level after market opened lower, moved range bound tested resistance and support level and closed little above opening price.
Chart reading still 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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