Bollinger band reading : downside biased.
MACD Histrogram : falling lower, seller holding on.
Support : 1425, 1405, 1395, 1385 level.
Resistance : 1445, 1458, 1470, 1485 level.
Comment :
FKLI closed recorded huge loses with increasing volume participation doing 3.5 points discount compare to cash market that also closed substantially lower. Overnight U.S. market closed lower and Asia markets ended mixed while European markets currently trading mostly weaker.
Overnight unexpected higher jobless claim in the U.S. lead U.S. market to trade lower while today regional market traded in uncertain sentiment as markets awaits statement from U.S. Federal Reserve Ben Benanke announcement on if there is any further stimulus measure.
Back home, continue selling pressure on heavy weight counters resulted KLCI and FKLI to trade severely lower ahead of long holidays.
Daily chart formed the third wide range down bar candle closed positioned near to lower Bollinger band after market opened lower and free fall all the way before rebounded slightly but still closed near the low of the day.
Chart reading turned to suggesting a downside biased market development testing lower support 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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