FKLI Commentary on 18/08/09

FKLI Aug Futures contract plunge 23.5 points lower to close at 1160 levels as compare to previous trading session to with a total of 7,939 lots traded in the market. FKLI was traded lower as regional indices especially Shang Hai and Hang Seng indices plunge during trading hours.

Technically, FKLI plunge during trading session as manage to breach previous support levels at 1178 and 1172 from consolidation regions. Based on our technical analyst, our opinion suggests FKLI possible to rebound after met target 1159.5 levels at 223.6% Fibonacci projection. However, traders were still advice to hold short position in the coming trading session while be cautious around resistance levels at 1175 and 1168.5. Support levels were seen at 1154 and 1140 levels.