FKLI Commentary on 16/06/09

FKLI futures June contract retrace 5 point lower to close at 1085.5 as compare to previous trading session with total 5,374 lots traded in the market. FKLI seems retrace mildly despite regional indices and Dow Jones electronic trading plunge during the trading session.

Technically, FKLI seems test support trend line for rising wedge in hourly chart. Based on our technical interpretation, we suggest that FKLI still seen topped around resistance levels at 1094 and 1110 regions. Cautious for short signal is considered favorable in terms of risk reward ration. Traders were advice to hold short position only provided support levels at 1073 and 1066 fails to hold against the selling pressure during trading session.