Bollinger band reading : pullback correction upside biased.
MACD Histrogram : turned downward, buyer taking profit.
Support : 1458, 1445, 1440, 1435 level.
Resistance : 1470, 1485, 1500, 1515 level.
Comment :
FKLI closed recorded loss with better volume changed hand doing about 9 points discount compare to cash market that also closed lower. Overnight U.S. markets closed substantially lower and today Asia markets traded mostly weaker while European markets currently sliding lower.
Global markets reacted negatively to news on MF Global bankruptcy, slowdown in China manufacturing growth and Greek pledged to put the European Union’s agreement on financing for Greece to a referendum.
FKLI daily chart formed a down doji bar candle positioned in between middle and upper Bollinger band level after market opened lower, edge up higher testing 1480 level followed by after lunch session downward fall before recovered slightly to closed off the low of the day.
Chart study suggesting FKLI is doing pullback correction within 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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