FKLI Commentary on 23/06/09

FKLI futures June contract plunge 20 points lower to close at 1044 as compare to previous trading session with total 7,345 lots traded in the market. FKLI plunge during trading session despite regional equity indices and Dow Jones electronic trading stands firm against the selling pressure.

Technically, FKLI seems temporary stopped around support levels at 1044 regions, 161.8% Fibonacci projection figure after manage to rebound 61.8% Fibonacci levels during intraday trading. Based on our wave count, we expect FKLI would continue to trade lower in the coming trading session with support levels seen at 1036 and 1027 regions. Traders were suggest to hold short position in the coming trading session while be cautious around resistance levels at 1048 and 1058 regions.