FKLI Commentary on 07/05/09

FKLI April futures contract surge 22.5 point higher to close at 1028.5 as compare to previous trading session with total 9,810 lots traded in the market. FKLI starts trading higher in the 2nd trading session as Singapore indices surge up more than 100 point due to positive report on the financial sector.

Technically, FKLI seems to well hold above 1000 psychology levels after been tested twice during the morning session. Based on the hourly price channel, we expect FKLI price would retrace lower in the coming trading session. Traders were advice to take profit on the existing long position provided resistance levels at 1035 and 1050 regions were not violated. Supports were seen at 1010 and 1000 regions.