The FKLI spot month contract ended sharply higher on Tuesday, which had followed strong gains in cash market. Meanwhile, market also reacted positively on signs of progress in U.S. budget talks to avert the fiscal cliff. At the close, the FKLI price added 17.5 pts or 1.06% to 1,664.
Based on the daily chart, a long positive candle had been formed on Tuesday where it indicated that buyers were aggressive for the day. As we can see in the chart, the FKLI price successfully broke and closed above the previous high level at 1,657.5 which had triggered technical buying in FKLI market. Price regained its upward posture after it successfully stayed above the resistance turned support level (1,657.5). If the price is able to stay above the level of 1,657.5 in the coming days, the historical highest level will be watched.
Referring to the MACD indicator, the signal line is crossing above the central line. As always, intraday support and resistance levels will be eyed.
Technical indicators:
MACD = Positive, ADX= Positive，
Intraday technical support & resistance for 19th Dec 2012:
1st support 1,657.5; 2nd support 1,650
1st resistance 1,672 2nd resistance 1,679
GOODLUCK
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