FKLI Commentary on 11/05/09

FKLI May futures contract close at 1032; unchanged as compare to previous trading session with total 9,582 lots traded in the market. FKLI was traded sideways near the top side for the 2nd trading session as waiting for fresh leads to direction movement.

Technically, FKLI seems supported above rising wedge trend line at 1018 region in the hourly price chart. We expect FKLI would surge in the coming trading session with resistance levels at 1038 and 1050 regions. Traders were advice to hold short position provided price fails to breach the resistance levels while rising wedge confirm it’s formation if support levels at 1018 and 1000 were breach.