FKLI Commentary on 301/07/09

FKLI July Futures contract rebound 2 points to close at 1163.5 levels as compare to previous trading session to with a total of 6,187 lots traded in the market. FKLI was traded sideways as regional indices were moving like a roller coaster during trading session.
Technically, FKLI seems form a symmetric triangle in the hourly chart while Doji found in the daily chart. Based on our technical analyst, our opinion suggests FKLI would only trade lower provided symmetric triangle support levels at 1159.5 and 1153 were violated. Traders were advice only to hold short position once the support levels were violated while be cautious around resistance levels at 1174 and 1182 regions.