FKLI Commentary on 18/05/09

FKLI May futures contract rebound 7 point higher to close at 1010 as compare to previous trading session with total 6,839 lots traded in the market. FKLI market was traded sideways throughout entire trading session despite regional indices and Dow Jones electronic trading rebound sharply during trading session.

Technically, FKLI seems traded sideways during trading session but manage to hold below 80 – day and 100 – day exponential moving average in the hourly chart. We expect FKLI would trade lower in the coming trading session provided resistance levels at 1015 and 1028 were not violated in the coming trading session. Traders were advice to hold short position in the coming trading session while be cautious around support levels at 993 and 982 regions.