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Monday, October 1, 2012

FKLI Daily Market Commentary >>> FKLI

FKLI Daily Technical Analysis
The FKLI spot month contract expired unchanged but the benchmark index closed solidly higher due to market sentiment lifted from the 2013 Budget announced on Friday. At the close, the FKLI price was unchanged to 1,633.5.
As we can see in the chart above, the FKLI price had tested the resistance line as drawn in the chart but it failed to break above the resistance line. However, we should monitor closely if the price is able to break and closes above the resistance line, it will rise further and the previous high level will be monitored. Otherwise, it will fall back if the price is unable to break above the resistance line.
Referring to the MACD indicator, the MACD line just crosses above the signal line where the positive sentiment may be building up. Meanwhile, MACD histogram just building up in the positive zone. As always, intraday support and resistance levels will be eyed.
Technical indicators:

MACD =  Negative, ADX=Negative
Intraday technical support & resistance for 01 st Oct 2012

1st support 1,628; 2nd support 1,620
1st resistance 1,638-45; 2nd resistance 1,652

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