FKLI Commentary on 28/11/08
FKLI November futures contract close at 873.5; 4.5 point higher as compare to previous trading session with a total of 9527 lots traded in the market. FKLI was traded higher due to Dow Jones overnight firm closing and regional indices encouraging price movement.
Technically, FKLI was seen temporary support at 866 regions for short term trading and seems holding well above the resistance trend line at 860 regions. We expect FKL would be trading higher in the coming trading to complete wave 5 projected around 940 regions. Traders were advice to hold long position in the coming trading session provided support levels at 866 and 850 levels were not violated. Resistance levels were seen at 890.5 and 910 region.
Technically, FKLI was seen temporary support at 866 regions for short term trading and seems holding well above the resistance trend line at 860 regions. We expect FKL would be trading higher in the coming trading to complete wave 5 projected around 940 regions. Traders were advice to hold long position in the coming trading session provided support levels at 866 and 850 levels were not violated. Resistance levels were seen at 890.5 and 910 region.
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