FKLI Commentary on 30/07/09

FKLI July futures contract plunged 13 points lower as compare previous trading session to close at 1161.5 levels with a total of 13,074 lots traded in the market. FKLI was traded firm in the early trading session but plunge on 2nd trading session as Regional indices plunge sharply where China was the lead of the yesterday melt down.

Technically, FKLI seems met objective price at 1182 at 250% Fibonacci projection levels and started traded lower once neckline at 1172 was penetrated. Based on our technical skills, our opinion suggests FKLI already enter the correction phase where next support seen at 1153 and 1145 levels. Traders were advice to hold short position in the coming trading session while be cautious around resistance levels at 1168 and 1174 regions.