FKLI Commentary on 10/07/09

FKLI futures July contract rose 7.5 point higher to close at 1065 as compare to previous trading session with total 4,780 lots traded in the market. FKLI was traded strong yesterday as regional indices and Dow Jones electronic trading turn upwards during trading session.

Technically, FKLI seems manage to break up above falling wedge trend line in the hourly chart. Based on our technical knowledge, our opinion suggests FKLI would traded confirm traded higher provided resistance levels at 1070 and 1079 were violated. Traders were advice to hold long position once the resistance levels were breach while be cautious around support level at 1063.5 and 1052 regions.