FKLI Daily Market Commentary on 05/11/09

FKLI Nov Futures contract traded surge 23.5 points higher to close at 1261 levels as compare to previous trading session to with a total of 6,485 lots traded in the market. FKLI opened higher despite Dow Jones overnight was closed weak while Nikkei exchange was not traded positively.

Technically, FKLI surge north after manage to break up from the symmetric triangle’s resistance trend line in hourly price chart. Based on our technical view, our opinion suggests FKLI would continue to surge higher support levels at 1250 and 1237 were not violated in the coming trading sessions. Traders were advice to hold long position in the coming trading sessions while be cautious around resistance levels at 1265 and 1273 regions.