Bollinger band reading : upside biased with possible pullback correction.
MACD Histrogram : resumed rising, buyer in control.
Support : 1515, 1505, 1500, 1494 level.
Resistance : 1530, 1540, 1550, 1565 level.
Comment :
FKLI closed recorded small gain with slightly better volume changed hand doing about 11 points premium compare to cash market that closed recorded loss. Overnight U.S. market closed for new year holiday and today Asia markets ended mostly higher while European markets also registering gains.
Higher manufacturing data from Australia, China and India restore some optimism that the Asian region’s economies will withstand Europe’s sovereign-debt crisis while awaits U.S. manufacturing report.
Daily chart formed an up doji bar candle closed little above upper Bollinger band level after market opened little higher and trade side way within 9 points range bound market testing support and resistance level to closed near opening price.
Chart study adjusted to suggesting an upside biased market development with possible pullback correction.
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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