FKLI closed : 1526, changed : -16 points, volume : higher.
Bollinger band reading : downside biased with possible pullback correction.
MACD Histrogram : resumed lower, seller in control.
Support : 1515, 1500, 1485, 1470 level.
Resistance : 1530, 1540, 1550, 1565 level.
Comment :
FKLI closed recorded substantial loss with higher volume traded doing 1.5 points premium compare to cash market that closed lower. Overnight U.S. plunged lower badly and Asia markets closed in negative territory while European markets also currently trading recording loss.
Regional markets tumbled on concern of weakening world economy plus cancer spreading European zone debt crisis as possible arise of Spain and Italy debt problem. Data wise, market awaits tonight U.S. payroll data.
Daily chart formed a down doji bar candle (hammer formation) closed below lower Bollinger band level after market opened gap down, tested lower below support level and recover upward to closed near the high of the day.
Technical chart reading suggesting a downside biased market development with possible upward 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 moderate cut loss and profit target.
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