FKLI Commentary on 21/05/09

FKLI May futures contract surge 12.5 point higher to close at 1041 as compare to previous trading session with total 9,247 lots traded in the market. FKLI continue to surge high during the trading session despite of weak regional indices and Dow Jones futures electronic trading performance.

Technically, FKLI breach previous high level and close at 1041 levels. FKLI seems might try to search for higher resistance levels around 1043 and 1060 regions. However, our opinion is FKLI might be slightly on the top side as extension has been holding for more than 2 months. Traders could hold long position for intraday trading but be aware of any reversal signal where supports were spotted around 1020 and 1000 regions.