FKLI Commentary on 17/07/09

FKLI futures July contract rose 4 points higher to close at 1114 as compare to previous trading session with total 8,180 lots traded in the market. FKLI traded lower after manage to reach new high at 1121.5 as Dow Jones and regional indices traded firm against the selling pressure.

Technically, FKLI seems fail to break resistance levels at 1120 regions during trading session. Based on our technical analyst, our opinion suggests that FKLI manage to reach 423.6% Fibonacci projection levels at 1120 regions. We expect FKLI would have certain degree of profit taking activities in the next trading session where support seen at 1087 and 1068.5. Traders were advice to position yourselves on long position provided support levels at 1068.5 must not be violated. Resistances levels were still remain seen at 1121.5 and 1144 regions.