FKLI closed : 1510.5, changed : +0.5 point, volume : lower.
Bollinger band reading : little upside biased with possible pullback correction.
MACD Histrogram : turned lower, buyer taking profit.
Support : 1505, 1500, 1494, 1485 level.
Resistance : 1515, 1530, 1540, 1550 level.
Comment :
FKLI closed 1 tick lower with quiet volume traded with Jan contract doing 9. points discount compare to cash market that closed substantially higher due last minutes window dressing activities. Overnight U.S. market closed recorded gains and today Asia markets ended mostly higher while European markets having little change.
Last minutes window dressing activities lifted cash market and Jan 2012 contract to surge higher.
Spot month daily chart formed a small down doji bar candle closed below upper Bollinger band level after market opened higher and trade side way within 5 points range bound market and closed near the low of the day.
Chart study still suggesting a little upside biased market development with possible pullback correction 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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