Bollinger band reading : correction range bound downside biased.
MACD Histrogram : recovering, seller reducing exposure.
Support : 1485, 1470, 1458, 1445 level.
Resistance : 1500, 1515, 1530, 1540 level.
Comment :
FKLI closed lower with better volume participation doing 11 points discount compare to cash market that closed marginally lower. Overnight U.S. market continue to closed firmer and Asia markets ended mostly lower while European markets currently trading recording loss.
Regional markets traded mostly in positive territory in the morning session after overnight U.S. market ended higher following some takeover corporate action followed by afternoon Germany and Spain lower that estimates GDP(nearly unchanged) figure announcement triggered regional market to sell down lower.
Daily chart formed a down bar candle positioned in between lower and middle Bollinger band level after market opened higher, tested above resistance level and ease lower followed by after lunch session sell down activities and recovered upward slightly to closed near the low of the day.
Technical reading suggesting market to trade correction range bound downside biased 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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