The FKLI spot month contract closed lower on Friday as regional markets traded lower coupled with market took their cues from the overnight bad performance on DJIA weighed on the market sentiment. At the close, the FKLI price was down 6 pts or -0.36% to 1,648.5.
From the daily chart, price retreated to as low as 1,645.5 in the late trading session and it had formed a negative candle on Friday. As we can see in the chart, price briefly broke below the uptrend support line but it was able to bounce back and closed slightly above the uptrend support line. Our review remains unchanged, where the price is able to stay above the uptrend line, it may bounce back. Otherwise it may fall further if it violates and closes below the uptrend support line.
Referring to the MACD lines and MACD Histogram, both indicators are not providing a clear signal at the moment. As always, intraday support and resistance levels will be eyed.
Technical indicators:
MACD= Neutral
ADX= Positive
Intraday technical support & resistance for 27th Aug 2012:
1st support 1644-40
2nd support 1633
1st resistance 1657.5
2nd resistance 1662
HAPPY TRENDING
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