FKLI closed : 1603 changed : +5.5 points, volume : lower.
Bollinger band reading : upside biased with possible pullback correction.
MACD Histogram : rising higher, buyer taking exposure.
Support : 1600, 1595, 1590, 1580 level.
Resistance : 1610, 1620, 1630, 1640 level.
Comment :
FKLI closed higher with slower volume changed hand break and stayed above 1600 level doing 3.5 points discount compare to cash market that edge little higher. Overnight U.S. markets closed recorded gains and today Asia markets mostly advanced higher while European markets trading little lower.
News wise, overnight U.S. reported better than forecast manufacturing data followed by improved China manufacturing reported and non-manufacturing purchasing managers’ index climbed in March to 6 month high while market awaits U.S. factory orders data.
Daily chart analysis remained recommending an upside biased market development with possible pullback correction with MACD indicator having positive crossed up.
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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