The FKLI spot month contract rebounded further and it closed in the positive territory on Wednesday, followed the gains in cash market. At the close, the FKLI price gained 8 pts or 0.47% to 1,697.
Based on the daily chart, a positive candle with upper wick had formed on Wednesday where it indicated that mild profit taking emerged at the intraday high level.
As we can see in the chart, the second candle formed on Wednesday had successfully broke above the resistance line and now it turned as support line. We should monitor closely the change of the trend in the coming days
Referring to the MACD histogram, rounding top is forming up. As always, intraday support and resistance levels will be eyed.
Technical indicators
MACD= Positive, ADX= Positive
Intraday technical support & resistance for 10th Jan 2013
1st support 1,689; 2nd support 1,680
1st resistance 1,705, 2nd resistance 1,712
GOODLUCK
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