FKLI Commentary on 29/07/09

FKLI July futures contract surge 18 points higher as compare previous trading session to close at 1174.5 level with a total of 8,748 lots traded in the market. FKLI was traded higher mainly due to strong regional indices performance especially Hang Seng indices during the trading sessions.

Technically, FKLI false break lower in the earlier session and traded higher after manage to breach the resistance trend line in the hourly chart. Based on our technical analyst, our opinion suggest FKLI would is possible to reach 50% Fibonacci projection levels at 1176 regions while next resistance shall be seen at 1209 levels. However, traders were advice to hold short position in the coming trading session if 1180 levels were not violated while be alert around support levels at 1153 and 1145 level.