FKLI Commentary on 12/12/08

FKLI November futures contract close unchanged as compare previous trading session to close at 859 with total of 5228 lots traded in the market. FKLI was opened lower during trading session due Nikkei indices and Dow Jones futures weak trading. However, FKLI later trading higher as Ringgit was trading stronger as compare to US dollars.

Technically, FKLI price was manage to hold well above 61.8% Fibonacci retrace figures at 851 before surge up and challenge the resistance trend line around 860.5 regions. As of our expectation, 860 levels was one of the great resistance levels other than 877 and 891 region. However, we would recommend traders to hold long position in the coming trading session around the support levels at 855 and 848 region while assume that uptrend only remain provided if support levels were not violated.