FKLI Commentary on 20/05/09

FKLI May futures contract surge 25 point higher to close at 1028.5 as compare to previous trading session with total 7,519 lots traded in the market. FKLI rebound strong on losses ground after traded lower in the previous week while strengthen by regional indices and Dow Jones futures electronic trading.

Technically, FKLI seems challenge 78.6% Fibonacci retrace levels at 1028.5 regions which same levels with the trend line in the hourly chart. We still expect FKLI would trade lower in the coming trading session provided resistance levels around 1028 and 1038 must not be violated. Traders were advice to hold short position while be extra cautious around support levels at 1022 and 1012 regions.