FKLI Commentary on 15/04/09

FKLI April futures contract surge 18 points higher to close at 962 as compare to previous trading session with total 9,546 lots traded in the market. FKLI manage to surge higher during trading session despite regional indices and Dow Jones electronic trading doesn’t seems participate in the rally. Possible it’s due to plantation counter traded higher as CPO price was traded higher during trading sessions.

Technically, FKLI seems to breach 150% Fibonacci projection resistance levels at 956 but manage to close around 161.8% Fibonacci projection levels at 963 regions. We expect FKLI was slightly on the top side as provided resistance levels at 963.5 and 973 were not violated. Traders were advice to hold short position once support levels at 953 and 938 were breach in the coming trading session.