FKLI Commentary on 05/08/09

FKLI Aug Futures contract fall 2 points to settle at 1170.5 levels as compare to previous trading session to with a total of 5,555 lots traded in the market. FKLI was traded lower despite Dow Jones overnight trading and regional indices were firm against the selling pressure.

Technically, FKLI lacks of follow through buying interest despite manage to break above symmetric triangle resistance trend line. However, FKLI manage to reach 100% Fibonacci projection levels at 1179. Based on our technical analyst, our opinion suggests FKLI would trade lower only provided resistance levels at 1179 and 1182 were not violated. Traders were advice to hold short position while be cautious around support levels at 1170 and 1163.