FKLI Commentary on 17/06/09

FKLI futures June contract retrace 5.5 point lower to close at 1080 as compare to previous trading session with total 7,423 lots traded in the market. FKLI seems traded sideways despite most of the regional indices and Dow Jones overnight trading plunge during trading session.

Technically, FKLI manage to plunge below the support trend line of the rising wedge but traded sideways as 80 – day and 100 – day exponential moving average seems support FKLI against the selling pressure. Based our technical knowledge, we expect FKLI wound rebound in the coming trading session to test resistance levels at 1088 and 1094. Traders were advice to hold short position provided resistance levels were not violated while support levels were seen at 1073 and 1066.