FKLI Commentary on 14/05/09

FKLI May futures contract fall marginally 4.5 point lower to close at 1021 as compare to previous trading session with total 6,958 lots traded in the market. Unlike previous trading days, yesterday trading session was traded sideways throughout entire trading session due to mixture of important indices between Hang Seng index and Dow Jones electronic trading.

Technically, FKLI seems was traded sideways throughout entire trading session within 1027 to 1016 regions. FKLI seems topped around 61.8% Fibonacci levels at 1025 while manage to close above 80 – day and 100 – day exponential moving average in the 15 min chart. We expect FKLI would trade lower in the coming trading session provided resistance levels at 1028 and 1037 were not violated. Traders were advice to hold short position while be extra cautious around support levels at 1010 and 1000 regions.