20120515 1737 FKLI EOD Daily Chart Study.

FKLI closed : 1549.5 changed : -12.5 points, volume : higher.
Bollinger band reading : downside biased with possible pullback correction.
MACD Histogram : falling lower, seller taking position.
Support : 1550, 1540, 1530, 1515 level.
Resistance : 1565, 1570, 1580, 1590 level.
Comment :
FKLI closed weaker with surging volume particiaption doing 11.5 points discount compare to cash market that closed recorded loss of nearly 1%. Overnight U.S. markets closed weaker and today Asia markets ended mixed while European markets currently registering little gains.
Overall market sentiment remained weak with some exchanged having technical rebound after news on China foreign investment dropped, PIMCO statement on China economy slowdown may deepen, Moody downgraded Italian banks while Germany recorded higher than estimate GDP.
Daily chart remained recommending a downside 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.