FKLI closed : 1369, changed : +10.5 points, volume : higher.
Bollinger band reading : pullback correction downside biased.
MACD Histrogram : recovering, seller taking profit.
Support : 1360, 1350, 1345, 1337 level.
Resistance : 1375, 1385, 1395, 1400 level.
Comment :
FKLI closed recorded gain with increasing volume transacted doing 7.5 points premium compare to cash market that ended lower. Overnight U.S. market closed recorded substantial loss and today's Asia markets ended mostly lower while European markets currently trading in negative zone.
News on European governments signaled bondholders may have to take bigger losses on Greek debt further threaten investors confident dragged global markets to perform poorly.
Back home, coming Friday 2012 budget announcement may be the sole reason that lift FKLI to closed higher despite the global negative sentiment.
Daily chart formed an up bar candle closed in between lower and middle Bollinger band level after market opened lower, waving upward testing support and breaking resistant level before eased little lower and closed off the high of the day.
Chart reading remained suggesting a pullback correction downside biased market development testing support and resistance level with MACD indicator having little positive cross over.
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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