FKLI Commentary on 08/05/09

FKLI April futures contract surge 4 point higher to close at 1032 as compare to previous trading session with total 10,826 lots traded in the market. FKLI was traded sideways during trading session as market seems lack of incentive from foreign equity indices performance.

Technically, FKLI seems hit 78.6% and 278.6% Fibonacci projection levels at 1037 regions. We expect FKLI would starts to retrace in the coming trading session provided resistance levels at 1037 and 1060 were not violated during trading session. Traders were advice to take profit from the existing long position if support levels at 1024 and 1000 not able to uphold against the selling pressure.