Bollinger band reading : pullback correction upside biased.
MACD Histrogram : weakening, buyer taking profit.
Support : 1458, 1445, 1440, 1435 level.
Resistance : 1470, 1485, 1500, 1515 level.
Comment :
FKLI closed 1 tick higher with improving volume transacted doing about 4 points discount compare to cash market that also closed lower. Overnight U.S. markets continue closed recorded huge losses and today Asia markets traded mixed while European markets currently rebounding higher.
Some of the global markets recovered ahead of U.S. Federal Reserve meeting on latest policy however some markets still closed in negative zone on concern of Europe’s bailout of Greece will unravel and a report showed U.S. manufacturing slowed.
FKLI daily chart formed an up bar candle with upper shadow positioned nearer to middle Bollinger band level after market opened gap down, dipped 1 point lower and recovered upward all the way towards the end before eased little closed to closed off the high of the day.
Technical reading remained suggesting a pullback correction stage 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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