FKLI Commentary on 19/08/09

FKLI Aug Futures contract rebound 3.5 points higher to close at 1163.5 levels as compare to previous trading session to with a total of 7,881 lots traded in the market. FKLI rebound during 2nd trading session as regional indices and Dow Jones futures electronic trading traded firm during the trading session.

Technically, FKLI seems temporary supported above 23.6% Fibonacci retrace levels at 1157 while island reversal pattern seems formed in hourly chart. Based on our technical analyst, our opinion suggests FKLI would encounter some selling pressure around resistance levels at 1166 and 1178 regions. Traders were advice to hold short position cautious ensure resistance levels were not violated. Support levels were seen at 1157 and 1145 levels.