FKLI Commentary on 24/04/09

FKLI April futures contract surge 17.5 point higher to close at 986.5 as compare to previous trading session with total 8,140 lots traded in the market. FKLI traded higher in the 2nd trading session due regional indices and Dow Jones electronic trading starts to reverse upwards.

Technically, FKLI seems temporary stopped around 200% Fibonacci retrace levels at 987 regions after long consolidation around support levels at 970 regions. We expect FKLI would starts to retrace in the coming trading if resistance levels at 987 and 1002 were not violated. However, FKLI still riding on a bull rally on mid term basis. Traders were advice to only long position provided FKLI manage to breach the resistance levels while support levels seen at 970 and 950 regions.