Bollinger band reading : side way range bound.
MACD Histrogram : rising, buyer testing market.
Support : 1491, 1485, 1477, 1470 level.
Resistance : 1500, 1505, 1515, 1530 level.
Comment :
FKLI closed rallied higher with higher better volume traded doing 9 points premium compare to cash market that closed recorded gains. Overnight U.S. market closed recorded massive gains and today Asia markets ended substantially higher while European markets currently trading mostly lower after overnight severe gains.
Overnight six central banks cut the cost of emergency dollar funding for European banks and China cuts banks reserve ratio requirement plus Japan plans 4th extra budget news lifted global markets to trade substantially higher. China also recorded weaker manufacturing data since 2009.
Daily chart formed a down doji bar candle with long upper and lower shadow closed near upper Bollinger band level after market opened gap up, surged higher triggered some short covering and slide downwards lower before recovered partially to closed off the low of the day.
Technical study still suggesting a side way range bound market development possibly having pullback correction with MACD indicator having positive crossed up.
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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