FKLI Commentary on 15/07/09

FKLI futures July contract surge 23.5 points higher to close at 1081.5 as compare to previous trading session with total 6,699 lots traded in the market. FKLI surge high as Dow Jones and regional indices were traded strong during trading session.

Technically, FKLI manage to breach multiple previous resistance levels at 1068 and 1079 regions while close on trend line form from previous high. Based our technical analyst, our opinion suggest FKLI might reverse towards uptrend after long consolidation for more than 2 weeks. Traders were advice to hold long on pull back in the coming trading session provided support levels at 1068 and 1052 were not violated. Resistances levels were seen at 1086 and 1094 regions.