The FKLI spot month contract ended off high and it closed in the negative territory while benchmark index closed slightly higher on Thursday. At the close, the FKLI price was down p 5.5 pts or -0.33% at 1,682.
Based on the daily chart, a small positive candle with long upper wick has been formed on Thursday where it indicated that the price has been pressured at the intraday highest level.
During the trading session, the FKLI price jumped to as high as 1,698.5 but it failed to sustain at the intraday highest level. As we can see in the chart, the FKLI price closed below the uptrend channel resistance line and if it is unable to break above that resistance line, there is a high possibility it may fall back.
Referring to the MACD histogram, rounding top is forming up in the near term. As always, intraday support and resistance levels will be eyed.
Technical indicators:
MACD= Positive, ADX= Positive，
Intraday technical support & resistance for 5thApr 2013:
1st support 1,675; 2nd support 1,650
1st resistance 1,690, 2nd resistance 1,700
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