FKLI Commentary on 22/04/09

FKLI April futures contract fall 7.5 point lower to close at 968 as compare to previous trading session with total 8,780 lots traded in the market. FKLI was traded lower during trading session as regional indices and Dow Jones electronic trading plunge during trading session.

Technically, FKLI seems encounter great selling pressure around 983 regions. FKLI traded lower after consolidate about 3 consecutive hours around 980 to 975 regions. We expect FKLI would trade lower in the coming trading session provided resistance levels at 983 and 1001 were not violated. Traders were advice to hold short position around short term resistance levels at 975 while be extra cautious around support levels at 950 and 935 regions.