FKLI Commentary on 29/05/09

FKLI May futures contract plunge 11.5 point lower to close at 1038.5 as compare to previous trading session with total 5,055 lots traded in the market. FKLI was traded mainly towards lower during trading session as Dow Jones overnight trading and regional indices were traded lower on closing.

Technically, FKLI starts to plunge after manage to break down from the upper support trend line. However, FKLI seems manage to temporary supported above 138.1% Fibonacci projection figures at 1033 regions. Our technical view for FKLI trading is still suggest to hold short position in the coming trading session provided resistance levels at 1042 and 1053 must not be violated. Traders were advice to take profit once support levels at 1031 or 1017 were not able to penetrate by existing selling pressure.