FKLI Commentary on 01/07/09

FKLI futures June contract fall marginally 1 point lower to close at 1079 as compare to previous trading session with total 4,357 lots traded in the market. FKLI plunge during trading session as news release on corporate finance especially regarding public listing and IPO by our prime minister.

Technically, FKLI started to plunge down once support trend line in the hourly chart was breach around 1082.5 levels. Based on our technical interpretation, FKLI will continue to trade lower in the coming trading session provided resistance levels at 1081 and 1086 regions were not violated during trading session. Traders were advice to hold short position while be cautious around support levels at 1059 and 1052 regions.