Bollinger band reading : downside biased with possible pullback correction.
MACD Histrogram : falling, seller in control.
Support : 1458, 1445, 1425, 1405 level.
Resistance : 1470, 1485, 1500, 1515 level.
Comment :
FKLI closed recorded huge losses for the thrid day with increasing volume changed hand doing 12.5 points discount compare to cash market that also closed significant lower. Overnight U.S. market dive lower and Asia markets closed recorded losses again while European markets currently also trading in negative territory.
Global sentiment remained bearish and fear over U.S. economy recovery plus European Central Bank action on buying Italian, Spanish, Irish and Portuguese bonds to defuse crisis amids potential risk from the continental region.
Daily chart formed an big up doji bar candle closed below lower Bollinger band level after market opened gap severely lower, tested lower near support level and recovered upward closing the down gap before ease little lower to closed near the middle of the high low range.
Chart reading suggesting a downside biased market development with potential 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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