FKLI Commentary on 04/06/09

FKLI May futures contract fall another 8 point lower to close at 1054 as compare to previous trading session with total 6,329 lots traded in the market. FKLI seems consolidate before starts falling due to sudden change of regional equity indices towards south.

Technically, FKLI seems closed on top of 100% Fibonacci projection levels at 1053.5 regions after manage to rebound 78.6% at 1068.5 regions during the trading session. Based on our technical knowledge, we suggest FKLI likely to trade towards south in the coming trading session where support seen at 1049 and 1033.5 regions. Traders were advice to hold short position in the coming trading session while be cautious around resistance levels at 1060 and 1073 regions.