FKLI Commentary on 071209

FKLI Nov Futures contract traded 0.5 points lower close at 1267 levels as compare to previous trading session to with a total of 2,934 lots traded in the market. FKLI was traded sideways due to regional indices and Dow Jones electronic trading mix reaction during trading sessions.

Technically, FKLI was traded within range from 1265 to 1270 region throughout entire trading days after manage to rebound 50% Fibonacci resistance levels at 1273. Based on our technical view, FKLI was seen engage into correction phase as FKLI seems fails to penetrate resistance levels at 1273.5 and 1279 region. Our opinion suggests FKLI would likely to trade lower in the coming trading session provided resistance levels were not violated. Traders were advice to hold short position while be cautious around support levels at 1262 and 1254 regions.