Bollinger band reading : pullback correction downside biased.
MACD Histrogram : turned upward, seller taking profit.
Support : 1360, 1350, 1345, 1337 level.
Resistance : 1375, 1385, 1395, 1405 level.
Comment :
FKLI closed rebounded higher snapping back most of yesterday losses with rising high volume transacted doing 2 points discount compare to cash market that also closed recovered higher. Overnight U.S. market closed substantially higher and Asia markets ended mostly recorded gains while European markets currently trading higher.
Investors confident and hope seems on the rise as a result of increased effort by European leader to solve the region debt crisis. Asia market recovered after yesterday oversold condition. Back home, heavy weight counters also recovered some of yesterday losses resulted cash market and FKLI to recovered upward.
Daily chart formed an up bar candle closed above lower Bollinger band level after market opened higher and climb upwards all the way breaking few resistance levels before eased slightly lower to closed near the high of the day.
Chart study switch to suggesting a pullback correction 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 moderate cut loss and profit target.
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