FKLI Commentary on 13/05/09

FKLI May futures contract rebound 10.5 point higher to close at 1025.5 as compare to previous trading session with total 11,323 lots traded in the market. Wild trading days for FKLI price movement due to mix regional indices during trading sessions.

Technically, FKLI seems supported above 100 – day and 80 – day exponential moving average in the hourly charts and closed around 61.8% Fibonacci figures at 1026 regions. We expect FKLI would continue to trade lower in the coming trading session provided resistance levels at 1030 and 1037 regions were not violated. Traders were advice to hold short position once support levels at 1020 and 1010 regions were breach.