FKLI Commentary on 28/04/09

FKLI April futures contract plunge 15 point lower to close at 982 as compare to previous trading session with total 14,425 lots traded in the market. FKLI was traded lower after fail to breach psychology levels at 1000 regions.

Technically, FKLI plunge after fails to hold above previous resistance levels at 1001 regions. We expect FKLI shall undergo some correction phase after 6 – consecutive week of bull rally provided resistance levels at 1001 and 1011 were not violated. Traders were advice to hold short position in the coming trading session while be cautious around support levels at 970 and 950 regions.