FKLI Commentary on 17/04/09

FKLI April futures contract fall 6.5 points lower to close at 952 as compare to previous trading session with total 11,461 lots traded in the market. FKLI was mainly traded lower during the trading session despite Dow Jones overnight firm closing as most of the regional indices starts to reverse during the trading session.

Technically, FKLI seems formed a Dark Cloud candle in the daily price chart after manage to break down from head and shoulder formation in 15min price chart. We expect FKLI would trade lower in the coming trading session provided resistance levels at 967.5 and 974 were not violated. Traders were advice to hold short position around the resistance levels while be extra alert around support levels at 946 and 937 regions.