FKLI open gap down and continously traded low ended 8 points @ 1003 with total volume of 7850 lots transacted.
The sell off was triggered by worse than expected US retail sales numbers. The US Commerce Department reported a 0.4% drop in April retail sales while the fall in March was revised to 1.3%. The weaker than expected figures threw a wrench into expectations that a revival in consumer spending will lead the US out of its current downturn. A recovery in consumer consumption, which accounts for 70% of the economy, in 1Q09 had earlier buoyed hopes for a quick recovery for the world's largest economy.
Bollinger Band width sligthly contracted with candle getting nearer to middle BB. MACD begin moving south and RSI in neutral zone.
Immediate support @ 994.5 while resistance @ 1045.5.
HAPPY TRADING!!
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