FKLI closed : 1491, changed : +9.5 points, volume : lower.
Bollinger band reading : upside biased.
MACD Histrogram : rising, buyer in control.
Support : 1485, 1470, 1458, 1445 level.
Resistance : 1500, 1515, 1530, 1540 level.
Comment :
FKLI closed recorded gains with slower volume transacted where Nov 2011 contract ended doing about 11 points discount compare to cash market that also closed higher. Last Friday U.S. markets closed little higher and today Asia markets traded mostly lower while European markets currently declining lower.
News on China decision to maintained property curbs measure and investors choose to stay sideline awaits further details on how to fund the approved expanded bailout plan and ahead of U.S. Federal Reserve and G20 meeting resulted most global markets to trade lower.
FKLI daily chart formed an up bar candle with lower shadow positioned near upper Bollinger band level after market opened little lower, edge up few points and slide downward followed by after lunch session upward recovery to closed near the high of the day.
Technical reading suggesting an 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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