Bollinger band reading : little upside biased.
MACD Histrogram : rising, buyer taking exposure.
Support : 1500, 1491, 1485, 1477 level.
Resistance : 1505, 1515, 1530, 1540 level.
Comment :
FKLI closed recorded gains with reduced volume changed hand doing 15.5 points premium compare to cash market that also closed higher. Overnight U.S. market closed recorded marginal gain and today Asia markets ended mostly higher while European markets currently trading higher.
Optimistic returned after news on better than forecast U.S. manufacturing data and progress over European debt crisis as market awaits U.s. job data.
Daily chart formed an up bar candle with small lower shadow closed near upper Bollinger band level after market opened lower, surge upward and eased lower back into negative territory followed by side way range bound movement before last minutes climb higher to closed near the high of the day.
Chart reading revised to suggesting a little upside biased market development possibly testing higher resistance level.
When to buy : buy at support or weakness with moderate cut loss and profit target.
When to sell : sell at resistance or strength with quick cut loss and profit target.
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