FKLI Commentary on 13/04/09

FKLI April futures contract continue to surge 20.5 points higher to close at 946 as compare to previous trading session with total 7,050 lots traded in the market. FKLI surge up higher despite being driven neither by regional indices nor Dow Jones futures electronic trading.

Technically, FKLI seems temporary stopped around 61.8% Fibonacci projection resistance levels at 945 regions. We expect FKLI would encounter great selling pressure around 78.6% regions at 956 levels as it also complete 150% Fibonacci projection levels for major count. Traders were advice to hold long position provided in the coming trading session while be extra alert around support levels at 937 and 905 regions.