FKLI Commentary on 23/07/09

FKLI futures July contract rose 10 points higher to close at 1145 as compare to previous trading session with total 7,758 lots traded in the market. FKLI was opened lower and traded higher as most of the regional indices were firm but pull back slightly before market ends due to some profit taking activities.

Technically, several attempts fail to breach upper channel trend line and ended up close on the channel support trend line. Based on our technical interpretation, our opinion suggests FKLI traded lower in the coming trading session provided resistance levels at 1151.5 and 1161 levels. Traders were advice to hold short position in the coming trading session while pay extra attention on support levels at 1134 and 1119 regions.