The FKLI spot month contract ended off low and it managed to close in positive territory on Monday. Meanwhile, cash market closed down 4 pts to end at 1,667.6 points. At the close, the FKLI price was up 3 pts or 0.18% at 1,664.5.
Based on the daily chart, a small negative candle with long lower wick has been formed on Monday where it indicated that price was supported at the intraday lowest level. During the trading session, the FKLI price fell to as low as 1,652 where it hit the 38.2% of Fibonacci level but later it managed to bounce up and closed near the intraday highest level. As we can see in the chart, the FKLI price currently consolidating in a narrow range and we should monitor closely what type of formation it will form in the near term.
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 2/42013
1st support 1,652; 2nd support 1,643
1st resistance 1,678-82, 2nd resistance 1,690
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