FKLI Commentary on 10/12/08

FKLI November futures contract close marginally 1.5 points higher compare to previous trading session at 841.5 with total of 5490 lots traded in the market. FKLI traded lower despite open higher in the morning trading session due regional indices especially Hang Seng index and Dow Jones futures electronic trading retrace after riding on bull rally on previous trading days.

Technically, FKLI meet 150% Fibonacci projection at 865 during trading session but traded downwards and rested on the hourly trend line. Based on the hourly FKLI price movement, we expect FKLI would traded upwards in the coming trading session provided critical support levels at 830 and 803 were not violated; same apply to support trend line. However, FKLI were expecting to encounter great selling pressure around 860.