FKLI closed : 1475, changed : +15.5 points, volume : lower.
Bollinger band reading : pullback correction downside biased.
MACD Histrogram : falling, seller in control.
Support : 1470, 1458, 1445, 1425 level.
Resistance : 1485, 1500, 1515, 1530 level.
Comment :
FKLI closed recorded gains with lower volume participation doing 5.5 points discount compare to cash market that closed higher. Overnight U.S. market closed higher and Asia markets closed mostly higher while European markets currently having mixed development.
Most market traded higher having technical rebound after news on U.S. Federal Reserve pledge to keep interest rates near zero through mid-2013 followed by Bloomberg analysts surveyed say that China and Australia may leave rates unchanged for the rest of this year, adding to signs policy makers will take steps to spur growth and restore confidence amid the global market turmoil.
Daily chart formed a down doji bar candle closed right at lower Bollinger band level after market opened gap up substantially higher, slide lower closing the gap and recover upward slightly to closed off the low of the day.
Technical reading suggesting a correction pullback downside biased market development 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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