FKLI Commentary on 22/05/09

FKLI May futures contract fall 12 point lower to close at 1029 as compare to previous trading session with total 10,714 lots traded in the market. FKLI was traded lower due to weak performance for regional indices and Dow Jones electronic trading despite manage to test new high at 1045.5

Technically, FKLI starts to plunge soon after fails to breach resistance levels at 1043.5 regions. We expect FKLI will be traded lower in the coming trading session provided resistance levels at 1038 and 1043.5 must not be violated during the trading session. Traders were advice to hold short position around the resistance levels in the coming trading session while be alert around support levels at 1020 and 1000 regions.