Bollinger band reading : correction range bound downside biased.
MACD Histrogram : recovering, seller taking profit.
Support : 1445, 1425, 1405, 1395 level.
Resistance : 1458, 1470, 1485, 1500 level.
Comment :
FKLI closed recorded loss with slower volume changed hand doing 7 points discount compare to cash market that also closed lower. Last Friday U.S. market closed lower and Asia markets ended mostly in negative zone while European markets currently trading lower.
Disappointing non farm payroll data rise fears of renewed recession in the U.S. and sustained worries about the Euro zone debt crisis lead global markets to trade in negative sentiment.
Daily chart formed a small up doji bar candle positioned in between middle and lower Bollinger band level after market opened lower and traded side way within 7.5 points range bound market to closed near opening price.
Chart reading remained suggesting a correction range bound downside biased market development 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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