FKLI was having a strong rebound on last Friday 27/5/10. It broke out the 200 days MA long-term resistance and closed at 1279 (up 26 points). However it was resisted by the Bollinger Mid-Band (BBMB) on Monday (31/5) until wed (2/6). It broke the BBMB on Thursday to close at 1300 (+20.5), but the volume is lower. It was resisted by 1302 on Thursday. On Friday 4/6, it was traded in a very narrow range, in other word it was traded sideway. It was resisted by the major resistance level at 1302. That means 1302 will provide a strong resistance for FKLI. If it can breaks out 1302 and stay above this level, it will be strengthen and possible it will hit the next level of resistance at 1321. On the other hand, if it cannot break out 1302, very likely it will turn south to retest the major support levels at 1286, 1270 (=200 days MA) and 1250. You may short the futures if it cannot break through 1302 but place a buy stop at 1304-1307. For safer, you may short if it breaks down the major support levels.
Those interested to learn FKLI, please scroll down to the right hand side bottom now
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