FKLI Commentary on 01/06/09

FKLI May futures contract rose 16 point higher to close at 1054.5 as compare to previous trading session with total 5,211 lots traded in the market. FKLI was traded higher in 2nd trading session as most of the regional indices were closed after trading session.

Technically, FKLI confirmed retrace 38.1% Fibonacci retrace levels at 1033 region after stopped around support trend line for the rising wedge in the hourly chart. Based on our technical analyst, we expect FKLI would have final blow upwards which resistance seen at 1063 and 1071 region. Traders were advice to taking profit for all long position in the coming trading session and be prepare to hold position provided resistance levels were not violated while critical support seen at 1033.5 and 1026 regions.