FKLI Commentary on 30/04/09

FKLI April futures contract rebound 5.5 point higher to close at 972.5 as compare to previous trading session with total 5,601 lots traded in the market. FKLI price rebound tracking closely to Dow Jones electronic trading.

Technically, FKLI complete 123.6% Fibonacci projection at 959 levels and starts rebound after 2 – consecutive days of bear rally. We expect FKLI would rebound towards resistance levels at 980 and 986 regions; 50% and 61.8% Fibonacci retrace levels. Traders were advice to hold fresh short position around resistance levels while be alert around support levels at 963 and 959 regions.