Bollinger band reading : upside biased with possible pullback correction.
MACD Histogram : resumed rising, buyer in control.
Support : 1640, 1630, 1620, 1610 level.
Resistance : 1650, 1660, 1670, 1680 level.
Comment :
FKLI closed recorded gain for the 4th day hitting new all time high with quiet volume exchanged doing half point premium compare to cash market that also closed higher. Overnight U.S. markets rebounded and today Asia markets ended mixed while European markets currently registering small gain.
Global market having mixed reaction after U.S. Federal Reserve said prepared to implement stimulus measure with the current slowing economy and jobs recovery while China premier continue to give warning statement on its declining economy growth development. On the other hand, some European banks reported better than estimates profit.
Back home, Malaysia market continue to stayed bullish with daily technical chart study remained calling an upside 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.
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