FKLI Commentary on 15/12/08

FKLI December contract close 9.5 points lower at 849.5 as compare with previous trading session with a total of 5470 lots traded in the market. FKLI plunge during trading session due news released that Auto bailout plan was rejected by the senate has cause regional indices plunge during the trading
session.

Technically, hourly support trend line was challenged during last Friday trading session but manage to hold above the trend line on the 2nd hourly bar chart. However, 846 region was seen as 78.6% Fibonacci retracement
figure from 841 to 862 regions. Technically, FKLI was seen still trading sideways within 846 to 860 ranges while we would expect FKLI to break above the resistance trend line a 860 level and heading towards next resistance levels at 877. Traders were advice to hold long position around the support levels at 840 and 850 regions.