The FKLI spot month contract ended with limited losses on Thursday while cash market managed to close in the positive territory. At the close, the FKLI price was dropped 2.5 pts or -0.15% to 1,673.
Based on the daily chart, an uncertain candle has been formed on Thursday where it indicated that market was indecisive. As we can see in the chart, a reversal candle formation had detected at the current highest level. Normally this kind of candle formation suggests that the FKLI price may reverse from the current highest level. However, further confirmation is needed to confirm the signal.
Referring to the MACD histogram is 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 29th Mar 2013
1st support 1,660; 2nd support 1,650
1st resistance 1,678-82, 2nd resistance 1,690
GOOD LUCK
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