20120626 1720 FKLI EOD Daily Chart Study.

FKLI closed : 1591 changed : -12 points, volume : higher.
Bollinger band reading : pullback correction upside biased.
MACD Histogram : weakening, buyer taking profit.
Support : 1590, 1580, 1570, 1565 level.
Resistance : 1600, 1610, 1620, 1630 level.
Comment :
FKLI closed recorded loss with higher volume participation doing 2 points discount compare to cash market that also closed lower. Overnight U.S. markets fall lower and today Asia markets ended mostly lower while European markets currently having mixed development.
Trader decide to lock in profit ahead of EU Summit meeting, HSBC forecast lower China economy growth and declined demand at Spain debt auction.
Daily chart reading still calling a pullback correction upside biased market development with heavy rollover activities taking place.
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.