FKLI Commentary on 15/05/09

FKLI May futures contract fall 18 point lower to close at 1003 as compare to previous trading session with total 7,850 lots traded in the market. FKLI was traded lower due to regional indices plunge together with Dow Jones overnight trading.

Technically, FKLI fails to breach 80 – day exponential moving average resistance levels at 1012.5 regions in the hourly while seen break down from 100 – day exponential moving average support levels at 1008 regions. We expect FKLI would trade lower in the coming trading session provided resistance levels at 1007.5 and 1013 were not violated. Traders were advice to hold short position while be extra cautious around support levels at 997 and 971 regions.