Bollinger band reading : correction range bound downside biased.
MACD Histrogram : falling lower, seller holding on.
Support : 1458, 1445, 1425, 1405 level.
Resistance : 1470, 1485, 1500, 1515 level.
Comment :
FKLI closed recorded small loss with higher volume changed hand(lots of rollover activities) doing 2 points discount compare to cash market that closed lower. Overnight U.S. market continue to closed higher and Asia markets ended mixed while European markets currently trading higher.
U.S. reports on durable-goods orders and home prices beat economists’ estimates plus better earnings report from world largest commodities trade Glencore and Diageo Pls lead U.S. futures and most of the regional markets to trade higher. Apple's CEO Steve Job resignation resulted its shares to trade lower but its competitors like Nokia and HTC to trade higher.
Back home, heavy weight counters like CIMB, AXIATA and RHPCAP facing selling pressure and fell lower today resulted cash KLCI and FKLI to trade lower.
Daily chart formed the second wide range down bar candle closed in between middle and lower Bollinger band level after market opened higher, slide lower followed by second session falls before recovered slightly but still closed near the low of the day.
Technical chart study still calling a correction range bound downside biased market development possibly 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 resistance or strength with quick cut loss and profit target.
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