20120724 1720 FKLI EOD Daily Chart Study.

FKLI closed : 1629 changed : -5 points, volume : higher.
Bollinger band reading : pullback correction upside biased.
MACD Histogram : falling lower, buyer taking profit.
Support : 1630, 1623, 1615, 1600 level.
Resistance : 1640, 1650, 1660, 1670 level.
Comment :
FKLI ended lower for the 3rd day with increasing volume distributed doing 3.5 points discount compare to cash market that also declined little lower. Overnight U.S. markets closed weaker and today Asia markets having mixed development while European markets currently drifting between gains and losses.
Global market reacted mixed on news on Moody's cut Germany's credit outlook, China private survey showed China’s manufacturing may contract at a slower pace this month and  missed estimates reports on French manufacturing and business confidence. Back home, market will focus closely on tomorrow IHH debut performance.
Daily chart reading remained suggesting a pullback correction upside biased market development testing immediate support near middle Bollinger band with MACD indicator having negative crossed down.
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.