Bollinger band reading : side way range bound.
MACD Histrogram : rising higher, seller leaving.
Support : 1458, 1445, 1425, 1405 level.
Resistance : 1470, 1485, 1500, 1515 level.
Comment :
FKLI closed recorded small loss with slowing down volume participation doing 9 points discount compare to cash market that ended nearly unchanged. Overnight U.S. market closed lower and Asia markets ended mostly lower while European markets currently recording loss.
Lower Japan machinery orders, report on companies in a Chinese province lacked revenue to service their debts and limiting exposure ahead of G7 meeting override
U.S. President Barack Obama’s $447 billion jobs plan and news on easing inflation rate in China to 6.2% after hitting 3 year high level at 6.5%. resulted most global markets to trade lower.
Daily chart formed a down doji bar candle positioned in between middle and lower Bollinger band level after market opened 1 tick higher, ease little lower and climbed upward tested near resistance level and slide lower tested support level and recovered upwards slightly but still closed near the low of the day.
Base on current chart reading, market is still likely to trade side way range bound for the near term 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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