FKLI Commentary on 04/12/09

FKLI Nov Futures contract traded 5.5 points lower close at 1267.5 levels as compare to previous trading session to with a total of 4,153 lots traded in the market. FKLI was traded sideways throughout the end of trading sessions despite was opened higher in the morning session due to strong regional indices performance.

Technically, FKLI complete 100% Fibonacci price target at 1275.5 and ended lower previous day resistance levels at 1274.5 while daily chart appeared to trade lower than support trend line and Bollinger middle band. Based on our technical view, FKLI seems fail to penetrate resistance levels at 1277 and 1281 regions while a minor symmetric triangle formed in the 15 min price chart. Our opinion suggests FKLI are likely to trade lower in the coming trading sessions provided resistance levels at 1277 and 1281 were not violated. Traders were advice to hold short position once support level at 1266 and 1254 regions fails to hold against the selling pressure.