FKLI Commentary on 19/12/08

FKLI December futures contract rose 21.5 point higher as compare previous trading session to close at 892 with total of 6868 lots traded in the market. FKLI was opened higher during trading session despite of weak Dow Jones overnight closing.

Technically, to our surprise, FKLI was seen surge up all the way during trading session without any minor pull back. Yesterday, FKLI was seen pegged at 50% Fibonacci projection figure at 892 levels. We expect FKLI would surge higher in the coming trading session while support was seen at 860 and 840 regions. Traders were advice to hold long position in the coming trading session while being cautious around the next resistance levels at 907 and 928, both are 61.8% and 78.6% Fibonacci projection figures.