FKLI Commentary on 29/06/09

FKLI futures June contract rise another 3 points higher to close at 1079 as compare to previous trading session with total 10,006 lots traded in the market. FKLI market seems sideways despite Dow Jones overnight closing and regional indices were closed higher during the trading session.

Technically, FKLI seems traded sideways within range from 1072 to 1078 region while manage to rebound 78.6% Fibonacci retrace level at 1079.5. Based on our technical analyst, our opinion suggest that FKLI would traded lower in the coming trading session where support levels were seen at 1069 and 1062 regions. Traders were suggest to hold short position in the coming trading session provided resistance levels at 1082 and 1094 must not be violated.