FKLI closed : 1428.5, changed : -4.5 points, volume : lower.
Bollinger band reading : downside biased.
MACD Histrogram : falling, seller taking position.
Support : 1425, 1405, 1395, 1385 level.
Resistance : 1445, 1458, 1470, 1485 level.
Comment :
FKLI closed recorded loss with slower volume transacted doing about 2.5 points discount compare to cash market that ended lower after heavy weight counter Sime Darby and HLBANK price sell down severely lower. Overnight U.S. market closed higher for the third day and Asia markets ended mostly higher while European markets currently trading higher.
Market reacted positively to French and Germany leader statement that Greece to be remained as a member of European Union and news on Italy austerity package get parliamentary approval. on the other hand, news reported that UBS Bank has discovered a loss due to unauthorized trading by a trader in its investment bank of about $2 billion.
Daily chart formed a down bar candle closed near lower Bollinger band level after market opened higher, slide downwards all the into negative territory before traded range bound to closed near the low of the day.
Technical outlook still calling a downside biased market development testing support and resistance level with possible pullback correction.
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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