FKLI Commentary on 16/07/09

FKLI futures July contract surge 28.5 points higher to close at 1110 as compare to previous trading session with total 7,300 lots traded in the market. FKLI surge fierce despite regional indices were closed mix on closing.

Technically, FKLI surge up after manage to break previous resistance levels at 1094 regions. Based on our technical analyst, our opinion suggest FKLI was not affirmed riding on a bull rally on longer term basis if fail to break next resistance levels at 1120 and 1144 regions. Traders were advice to put on hold for positioning trades until affirmative situation sighted. Supports were seen at 1097 and 1088 regions.