FKLI Commentary on 25/05/09

FKLI May futures contract surge 19 point higher to close at 1048 as compare to previous trading session with total 10,692 lots traded in the market. FKLI traded against most of the regional equity indices as it search for new high during the trading session despite others were traded lower.

Technically, FKLI seems stopped around 38.1% Fibonacci support region at 1025 regions and traded upward throughout the entire trading session. We expect FKLI would try to test new high in the coming trading session which resistance levels seen at 1050 and 1063 regions. However, we suggest trader to hold long position for intraday purpose as we still think FKLI might be around the top regions. Support levels were seen at 1038 and 1025 regions.