Bollinger band reading : pullback correction little upside biased.
MACD Histrogram : turned lower, buyer lock in profit and reduce exposure.
Support : 1425, 1420, 1400, 1395 level.
Resistance : 1440, 1445, 1458, 1470 level.
Comment :
FKLI closed recorded massive losses with increasing volume changed hand doing almost 10 points discount compare to cash market that also closed substantially lower. Overnight U.S. markets ended 247 points lower and today Asia markets traded severely lower while European markets opened and currently trading weaker.
Global markets reacted negatively to news on Germany leader announced that a quick end to the European crisis that investors are hoping for at a meeting of European leaders on Oct. 23 was unlikely, news on slowing down China GDP recorded at 9.1% the slowest in 2 years and U.K. inflation quicken more than expected.
Daily chart formed a wide range down bar candle closed in between upper and middle Bollinger band level after market opened lower and slide downwards all the way towards the end to closed near the low of the day.
Technical study suggesting that market is doing pullback correction within a upside 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 quick cut loss and profit target.
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