FKLI Commentary on 18/06/09

FKLI futures June contract fall 9 points lower to close at 1071 as compare to previous trading session with total 6,267 lots traded in the market. FKLI was traded sideways in the early session but plunge during 2nd trading session despite most of the regional indices were holding firm on closing.

Technically, FKLI seems only rebound 38.1% Fibonacci level at 1078.5 regions after manage to break down from rising wedge in the hourly chart. Based on our technical knowledge, our opinion suggest FKLI would continue to trade lower in the coming trading provided FKLI continue traded below 80 – day and 100 – day exponential moving averaging while resistance levels seen at 1076 and 1087 regions. Traders were advice to hold short position in the coming trading session while be cautious around support levels at 1066 and 1057 regions.