FKLI Daily Commentary for 8th July 2010

FKLI July Futures contract traded 7 points lower to close at 1304.5 levels as compare to previous trading session to with a total of 6,578 lots traded in the market. FKLI opened lower but trading higher during trading sessions as most of the regional indices were covered from losing ground while KLCI was settled higher upon closing.
FKLI penetrate previous support levels at 1307.5 regions before manage to trade below 1300 psychology levels for a short while but slow recovered towards 50% Fibonacci resistance levels at 1305.5 regions. Technically, FKLI trading price seems temporary holding below resistance levels at 1313 and 1318 regions; 50% and 61.8% Fibonacci resistance levels. However, in order for FKLI further affirm trading on correction phase, it’s very important FKLI trading price would trading below support levels at 1302 and 1292 regions.