20110819 1745 FKLI EOD Daily Chart Study.

FKLI closed : 1474.5, changed : -18 points, volume : higher.
Bollinger band reading : downside biased.
MACD Histrogram : resume lower, seller returning.
Support : 1470, 1458, 1445, 1425 level.
Resistance : 1485, 1500, 1515, 1530 level.
Comment :
FKLI ended severely lower with better volume transacted doing about 9.5 points discount compare to cash market that closed recorded substantial losses. Overnight U.S. market closed recorded big drops and Asia markets slump significantly lower while European markets currently trading badly in red.
Regional market traded negatively as concern the U.S. recovery is faltering and Europe’s debt crisis will spread widely as a result investors seeking safer investment instrument triggered bonds climbed and gold rallied to a record.
Daily chart formed a down doji bar candle positioned between middle and lower Bollinger band level after market opened gap down, edge higher tested support turned resistance 1485 level and slide lower tested near 1470 support level and recovered slightly to closed off the low of the day.
Technical study turned to suggesting a downside biased market development testing lower support level with MACD indicator failed to do a positive cross up.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistance, strength or break down with moderate cut loss and profit target.