Bollinger band reading : side way range bound upside biased.
MACD Histrogram : weakenning, buyer lock in profit and reduce exposure.
Support : 1445, 1440, 1425, 1420 level.
Resistance : 1458, 1470, 1485, 1500 level.
Comment :
FKLI closed recorded big gains with better volume transacted doing 1.5 point premium compare to cash market that also closed higher. Last Friday U.S. markets closed significantly higher and today Asia markets also closed recorded huge gains while European markets opened and currently having mixed development.
Better than expected Japan exports, report showed China’s manufacturing may expand for the first time in four months and European leaders meeting on revamping plan to contain the region’s debt crisis resulted global market to trade in positive territory.
Daily chart formed a down bar candle closed nearer to upper Bollinger band level after market opened gap up, soaring higher followed by after lunch session easing downward slowly to closed near the low of the day.
Chart study turned to suggesting a side way range bound 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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