FKLI was having a strong rebound on Thursday 27/5/10. It broke out the 200 days MA long-term resistance and closed at 1279 (up 26 points). The nearest resistance is 1286 and 1301. The next resistance is the 100 days MA at about 1303 level. The nearest support is the 200 days MA at about 1268 and 1250. The STC and RSI have break out 30% and the rebound seem to continue on next Monday. With DJI up 284 points, most likely the rebound will continue however it is also resisted by Bollinger-Mid-Band at about 1286 on Monday. Will it turn around at 1286, 1292 or 1301?
You can maintain short if you short above 1300 level but set a buy stop at 1303 to 1305 GTC. However if you are still holding a short position below 1300, you are advice to buy back and stay sideline. Do not turn long at this moment.
