Bollinger band reading : correction range bound little downside biased.
MACD Histrogram : rising higher, seller leaving.
Support : 1458, 1445, 1425, 1405 level.
Resistance : 1470, 1485, 1500, 1515 level.
Comment :
FKLI recovered recorded gains snapping back 2 previous 2 days losses with lesser volume participation doing 1.5 point discount compare to cash market that ended higher. Overnight U.S. market closed lower and today Asia markets ended in positive zone while European markets also trading higher.
U.S. President Obama job growth plan, Asia markets three-day drop left valuations near a three-year low and a weaker yen boosted the outlook for Japanese exporters resulted global markets to rebound higher.
Back home, FKLI and KLCI cash market also traded having technical rebound after recent falls.
Daily chart formed an up doji bar candle with long lower shadow positioned nearer to middle Bollinger band level after market opened higher, slide downwards and consolidate within 2.5 points range before climbed higher to closed near the high of the day.
Chart reading adjusted to suggesting a correction range bound little downside biased market development possible testing resistance level near middle Bollinger band with MACD indicator having positive crossed up.
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.
No comments:
Post a Comment