FKLI Commentary on 24/07/09

FKLI futures July contract rose 9.5 points higher to close at 1154.5 as compare to previous trading session with total 6,219 lots traded in the market. FKLI opened higher as regional indices firm performance but retrace latter due to profit taking activities.

Technically, FKLI manage to test resistance level at 1161.5 regions before break down from the uptrend channel in the later trading session. Based on our technical knowledge, our opinion suggest FKLI would trade lower in the coming trading session provided FKLI not able to breach resistance levels at 1164 and 1171 regions. Traders were advice to hold short position while be cautious around support levels at 1145 and 1131.5 regions.