Bollinger band reading : upside biased with possible pullback correction.
MACD Histrogram : rising, buyer in advantage.
Support : 1590, 1580, 1570, 1565 level.
Resistance : 1600, 1610, 1620, 1630 level.
Comment :
FKLI closed recorded gain for the 4th consecutive day with better volume changed hand doing 3.5 points premium compare to cash market that also closed little higher. Last Friday U.S. markets closed little lower and today Asia markets ended mostly lower while European markets currently trading in negative territory.
Global market traded lower after news on Europe area manufacturing and services output missed estimates and China official statement of targeting slower 2012 economic growth.
Technical chart reading remained suggesting 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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