FKLI Commentary on 11/12/08

FKLI November futures contract surge 16 points higher as compare previous trading session to close at 859 with total of 7345 lots traded in the market. FKLI opened marginally lower 1 point and continue traded upwards due Nikkei and Dow Jones electronic trading during the trading session.

Technically, FKLI was rested above trend line in hourly price chart while RSI shows support at 40 for RSI(12) further confirm by stochastic after an hourly later. As per our previous commentary, we expect FKLI would trade higher towards 940 regions ONLY provided if hourly resistance trend line was being violated. Next resistance levels were seen at 877 and 891 regions after 860 levels. Traders were advice to hold long position around the support levels at 850 and 840 regions.