FKLI closed : 1448, changed : -8 points, volume : higher.
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 better volume transacted doing 6 points discount compare to cash market that ended weaker. Overnight U.S. market closed for Labor Day holiday and Asia markets ended mixed while European markets currently rebounding little higher.
Uncertainty over European debt crisis and austerity plan lead global markets to trade between gain and losses. News wise, Singapore’s finance minister commented that a global recession was more likely than not as the U.S. and European economies are at "stall" speed.
Back home, Malaysia FKLI and KLCI traded in red as overall market sentiment remained weak after corporate announcement from Bandaraya Development Bhd and DXN Holdings Bhd privatisation plan failed to push market higher.
Daily chart formed an up doji bar candle with long upper shadow positioned near lower Bollinger band level after market opened lower, traded side way range bound followed by after lunch session recovery lifted price higher recording gain before plunge lower again to closed near the low of the day.
Technical study still calling for 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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