FKLI Commentary on 09/07/09

FKLI futures July contract fall 3.5 point lower to close at 1057.5 as compare to previous trading session with total 6,327 lots traded in the market. FKLI was traded sideways despite Dow Jones overnight closing and regional indices were traded weak.

Technically, FKLI manage to break down from the symmetric triangle but seems supported above 1052; 61.8% Fibonacci retrace level. Based on our technical knowledge, our opinion suggest that FKLI would trade lower profit resistance levels at 1063 and 1068 must not be violated. Trader were suggest to hold short position while be cautious around support at 1052 and 1047 levels.