Bollinger band reading : correction range bound downside biased.
MACD Histrogram : recovering, seller closing position.
Support : 1485, 1470, 1458, 1445 level.
Resistance : 1500, 1515, 1530, 1540 level.
Comment :
FKLI closed recorded gains with getting better volume transacted doing 4 points premium compare to cash market that closed higher parring yesterday losses. Overnight U.S. market closed little higher and Asia markets ended mostly higher while European markets currently trading in positive territory.
Continue speculation play that the Federal Reserve will announce measures to shore up the U.S. recovery with QE3 lead regional market to trade higher.
Daily chart formed an up bar candle with small lower shadow positioned nearer to middle Bollinger band level after market opened little lower, moved downward tested near support level and surged higher breaking resistance level and closed near the high of the day.
Technical reading remained suggesting a correction range bound downside biased market development possibly testing higher resistance level.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistance or strength with quick cut loss and profit target.
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