20120227 1733 FKLI EOD Daily Chart Study.

FKLI closed : 1554.5, changed : -8 points, volume : higher.
Bollinger band reading : correction range bound upside biased.
MACD Histrogram : falling, buyer leaving and seller testing market.
Support : 1550, 1540, 1530, 1515 level.
Resistance : 1565, 1570, 1580, 1590 level.
Comment :
FKLI closed recorded loss with ultra high volume distributed doing 4.5 point discount compare to cash market that closed nearly unchanged. Last Friday U.S. markets ended mixed and today Asia markets traded mostly lower while European markets currently trading in negative zone.
Burdening high crude oil price and concern that Greece will not be able to avoid a default as Germany’s parliament holds a vote on a second Greek aid package in Berlin today resulted global markets to retreat lower after recent rallies.
Daily chart study still suggesting a correction range bound upside biased market development.
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.