Bollinger band reading : correction range bound downside biased.
MACD Histrogram : turned lower, seller taking chances.
Support : 1458, 1445, 1425, 1405 level.
Resistance : 1470, 1485, 1500, 1515 level.
Comment :
FKLI closed recorded severe loss with slower volume participation doing 3.5 points discount compare to cash market that closed lower. Overnight U.S. market closed rebounding higher and Asia markets ended mostly in negative zone while European markets currently trading little higher.
Sell down in heavy weight counter in both CIMB and AXIATA lead cash market to closed severely lower. News wise, Bloomberg reported that Moody's cut Japan's debt rating and U.S. bookings for durable goods excluding transportation fell 0.5 percent in July. Investors sentiment turn negative on fear that new stimulus plan by Federal Reserve will fail to keep U.S. economy from slowing. Market also awaits U.S. companies equipment ordering data.
Daily chart formed a wide range down bar candle closed in between middle and lower Bollinger band level after market opened higher, move side way range bound followed by second session opened lower and plunge downward all the way breaking lower support level to closed near the low of the day.
Chart study still suggesting a correction range bound downside biased market development possibly testing lower support 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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