FKLI Commentary on 27/05/09

FKLI May futures contract fall 8.5 point lower to close at 1042 as compare to previous trading session with total 9,406 lots traded in the market. FKLI was traded lower during trading session as regional indices and Dow Jones electronic trading were traded lower during trading sessions.

Technically, FKLI seems fail to penetrate previous high at 1056.5 regions hence plunge after support levels t 1048 regions fails to hold against the selling pressure. Our opinion tell us that FKLI would temporary topped at 1056 region; complete 61.8% and 78.6% Fibonacci projection levels. FKLI would expect to trade lower in the coming trading session with support seen at 1026 and 1015 regions. Traders were advice to hold short position in the coming trading session while be cautious around resistance levels at 1050 and 1056 regions.