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Thursday, September 27, 2012

FKLI >>> Market Commentary / Technical Outlook 27 Sept 2012

FKLI Daily technical analysis:
The FKLI spot month contract ended slightly higher on Wednesday, which was followed the gain in cash market despite weakening in the external market did not affect much on the price. At the close, the FKLI price was up 1.5 pts or 0.09% to 1,618.
Based on the daily chart, another positive candle was formed on Wednesday where it indicated that mild buying interest remains supported the FKLI price. During the trading session, price had tested again the resistance line but it was unable to break above that resistance line as drawn in the chart. Our review remains unchanged, where the price could be trading in between the range of 1,587- 1,620 level. However, if the price is able to break either way, a new direction may be established.
Referring to the daily MACD indicator, it signals that market sentiment remains negative and the upside potential may be limited. However, the alternative MACD 6,12,6 (Short parameters) tells a different story. Refer to chart below ........
As always, intraday support and resistance levels will be eyed.

Technical indicators:

MACD = Negative, ADX=Negative

Intraday technical support & resistance for 27th Sept 2012:

 1st support 1,607; 2nd support 1,600
 1st resistance 1,620; 2nd resistance 1,628-40


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