Bollinger band reading : pullback correction upside biased.
MACD Histogram : turned downward, buyer taking profit.
Support : 1620, 1610, 1600, 1590 level.
Resistance : 1630, 1640, 1650, 1660 level.
Comment :
FKLI closed declined lower for the 1st time after 6 days upward climbs with lesser volume exchanged almost on par with cash market that also closed marginally lower. Last Friday U.S. markets closed recorded loss and today Asia markets ended in negative zone while European markets currently sliding lower.
World market sentiments turned negative on slower growth concern after U.S. reported fewer jobs created, Premier Wen said China economy face "relatively large" downward pressure, recorded lower than median estimate CPI data and severe fall in Japan machinery orders while in Europe, Spain's 10 years bond yield jumps to 7% and Germany reported better than forecast exports.
FKLI daily chart study adjusted to suggesting a pullback correction upside biased market development with last 2 candle sticks formed a bearish harami similar pattern.
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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