The FKLI spot month contract ended sharply lower on Thursday due to Malaysia GDP released worse than expected which had dampened the market sentiment. At the close, the FKLI price dropped 14 pts or -0.79% to 1,765.
Based on the daily chart, another long negative candle has been formed on Thursday where it indicated sellers remained aggressive throughout the day. During the trading session, the FKLI price went down to as low as 1,762.5 where it had tested the range support level. On the other hand, we should monitor closely whether the price is able to stay above the level of 1,760. If the price breaks and closes below this level, it may drop further.
Referring to the MACD histogram, a 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 17th May 2013:
1st support 1,760-55; 2nd support 1,750-40
1st resistance 1,775-80, 2nd resistance 1,786-96
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