Wednesday, September 2, 2009

FKLI Commentary on 03/09/09

FKLI Aug Futures contract rebound 2.5 points higher to close at 1168 levels as compare to previous trading session to with a total of 5,678 lots traded in the market. FKLI rebound strong despite regional indices and Dow Jones overnight closing were traded weak during trading sessions.

Technically, FKLI false break down from the symmetric triangle support trend line with support level seen at 1160.5 in the hourly price chart. Based on our technical knowledge, FKLI seems supported around support levels at 1157; 150% and 61.8% Fibonacci projection levels. Our humble opinion suggests FKLI would trade lower provided resistance levels at 1171.5 and 1178 were not violated during trading session. Traders were advice to hold short position with condition resistance levels were not violated while be extra cautious around support levels at 1157 and 1150 regions.