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Friday, February 17, 2012

Technical Outlook >>> FKLI 17 Feb 2012

FKLI Technicals
Futures settled at 1547, down .87 percent. FKLI Spot opened with a gap-down, right on the cusp of the lower band of this weeks range, thus encouraging investors to apply selling pressure in early trade before futures prices consolidated near its closing price.

The bears control of the days trading was demonstrated by the formation of a long black candle. MACD is now on the path of bearish convergence. As such, support and resistance levels pegged at 1546 and 1563 respectively.

Trade Strategy
Aggressive trade may short with a stop on above 1563.0

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