Bollinger band reading : pullback correction downside biased.
MACD Histogram : recovering, seller taking profit and reducing position.
Support : 1540, 1530, 1515, 1500 level.
Resistance : 1550, 1565, 1570, 1580 level.
Comment :
FKLI closed recorded gains with decreased volume changed hand doing about 7 points discount compare to cash market that closed higher. Overnight U.S. markets closed mixed recorded small changes and today Asia markets also ended mixed while European markets currently trading little higher.
World market traded mixed on EU summit meeting latest development where leaders having different opinions on how to fight the regions debt crisis and a survey conducted shows that China manufacturing may drop to 7 month low.
Daily chart reading still suggesting a pullback correction phase within a downside 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.
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