Today FKLI's buyers start slowing down at mid-point resistance level (1651 level).
If buyers failed to breakthrough 1651 resistance level, we could see price retrace to 1635 level.
DISCLAIMER: ABOVE ARE BASED ON MY OWN ANALYSIS, IT'S NOT A BUY/SELL CALL AND DOES NOT CONSIDER YOUR RISK APPETITE.
even the market open today is gapping down but the candlestick is still close in bull candle.
try to ride the trend when there is the retracement.
can wait at the price 1710. need to wait for the price action for confirmation.
From trendline analysis, FKLI level still trading within downtrend line. No visible breakout is observed at the moment to break the bear spell.
Short: 1668 (2 points lower than 1670 physological level)
Target: 1655 ; 1640
Cut loss: 1680
FKLI chart continue to show weakness with the continuation of mark-down stage after re-distribution. Notice a huge Sell-Off bar follow by Up-Thrust pushes the price back to the trend line.
Based on 30-minute FKLI chart, we’ll continue to short with the next Sign of Weakness (Up-Thrust) at resistance level.
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Based on 30 minute chart above, FKLI failed to break the resistance even with lots of Sign of Strength. The failed breakout mean lack of interest by Smart Money in long position. The bars subsequent close lower with Sign of Weakness (Sell-Off) show there is a chance Mark-down stage will continue.
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If you look at daily chart, FKLI did not move any lower than 1606 since 2015. Market trade in 150 range for 1 year before a rally started in Jan 2017 and brought market to 1900. The recent low 1655 become a new price level to monitor and further expand the zone by 50 points from 1606 to 1656 (as confluence zone highlighted in the chart).
The market have tested...
As long as FKLI price stay above 1673. FKLI have higher chance of going up with 1st uptrend target 1730, second uptrend target 1760 (EMA 200).
However, if price break below 1673 mean FKLI fail to forming double bottom and will resume downtrend
Missed the support entry. Hopefully entry at noon will be a good one
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This presentation solely meant for information purpose and does not constitute as investment advice. We may or We may not take the trade that we presented. All estimates, projections, forecasts, expressions of opinion and...