FKLI Commentary on 21/07/09

FKLI futures July contract rose 19 points higher to close at 1142.5 as compare to previous trading session with total 7,293 lots traded in the market. FKLI were traded higher as regional indices were traded strong during trading session.

Technically, FKLI seems tested 223.6% Fibonacci projection levels at 1145 regions. Based on our technical interpretation, our opinion suggest FKLI would starts to retrace if resistance levels at 1145 and 1161 fails to overcome by the buying interest. Traders were advice to hold short position in the coming trading session while be cautious around support levels seen at 1137 and 1126 regions.