Bollinger band reading : pullback correction downside biased.
MACD Histrogram : turned upward, seller locking in profit.
Support : 1470, 1458, 1445, 1425 level.
Resistance : 1485, 1500, 1515, 1530 level.
Comment :
FKLI closed recorded small loss with decreasing volume transacted doing about 3.5 points discount compare to cash market that also closed little lower. Overnight U.S. market closed lower recorded big drop again and Asia markets closed mostly lower while European markets currently trading higher recording substantial gains.
Sentiment seems mixed as Asia markets traded weaker after overnight Dow Jones market drop due to concern Europe will fail to contain its debt crisis pulled down bank shares prices but loss are limited after U.S. Dow Futures market climbed upward by more than 100 points resulted European region market opened and trading higher currently plus some positive corporate earnings announcement.
Daily chart formed a up bar candle with small upper shadow closed above lower Bollinger band level after market opened lower, recovered upwards once recordings small gain and soften little lower to closed off the high of the day.
Chart reading remained suggesting a pullback correction 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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