FKLI Commentary on 26/05/09

FKLI May futures contract rose 2.5 point higher to close at 1050.5 as compare to previous trading session with total 8,395 lots traded in the market. FKLI seems trading sideways after manage to breach new high at 1056.5 regions as regional indices and Dow Jones electronic trading were also awaiting fresh news to lead the market for direction.

Technically, FKLI yesterday reach 61.8% and 78.6% Fibonacci projection level at 1056 regions. Again, our opinion still suggests FKLI is trading on the top side with resistance seen at 1056 and 1063 regions. However, traders can try to hold long position for intraday trading but be cautious that support levels at 1045 and 1025 region must not be violated.