FKLI Commentary on 16/12/08

FKLI December futures contract rose 7.5 point higher as compare previous trading session to close at 857 with total of 3463 lots traded in the market. FKLI was opened higher during trading session due to another contradicting news release that the Auto bailout plan was carry as planned. However, FKLI later was traded lower as Dow Jones futures electronic trading plunge towards the downside.

Technically, FKLI price successfully holding above the resistance trend line while manage to close from the previous trading session’s gap. We expect FKLI would be trading higher in the coming trading session provided if support levels at 840 and 830.5 were not violated. Traders were advice to hold long position once the resistance levels at 865 and 877 were breached.