FKLI Commentary on 04/11/09

FKLI Nov Futures contract traded fall 8 points lower to close at 1237.5 levels as compare to previous trading session to with a total of 4,778 lots traded in the market. FKLI opened slightly higher as Dow Jones overnight was closed higher but traded south since as regional indices were traded lower due to unfavorable news released.

Technically, FKLI seems failed to penetrate resistance trend line around 1250 regions in the hourly chart. It appears that hourly price chart formed a symmetric triangle pattern. Based on our technical view, our opinion suggests FKLI would trade lower provided support level at 1233 and 1227 were not able to hold against selling pressure. Traders were advice to hold short position while be cautious around resistance levels at 1241 and 1248 regions.