FKLI - Rebound From 3.5 Years Confluence Zone

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 the "confluence zone" 6 months ago and rebound. 2 days ago, price further tested 1647 and then rebound to today's high 1674.

Here the current swing projection to manage your trades:

If price trade above 1674, price target 1678.
If price trade above 1678, price target 1698.5.
If price trade above 1698.5, price target 1730 (Major resistance as highlighted in red arrow)

Trader please be aware potential pull back from each target level.

Commentaire:

Price reached 3 months high yesterday. As highlighted at 13 Dec, major resistance around the same price level that same to 7 November high. Trader please be cautious potential correction.