Market quickly pull back from yesterday projection 1798.5 zone and fill the opening gap. The intraday price structure found support at 50% retracement level (left chart) and close at mid of intraday range.
With Dow trading at 8 months high, FKLI expect to retest 1800 zone. Trader please aware that the current FKLI vs Dow correlation at only 20% positive related. Emerging market sentiment still under-perform US market.
A few scenarios illustrate for intraday trading as follow:
1. Price trade higher than 1798.5, breakup may rally to 1805 and 1809. 2. Price hover below 1798.5, FKLI trading in range support at 1789 and resistance at 1797. 3. Price move lower than 1789 will change the current structure to sell.