FKLI Commentary on 2/12/08

FKLI November contract plunge 18.5 points lower compare to previous trading session to close at 848 with a total of 6964 lots traded in the market. FKLI was traded lower during trading session as Dow Jones Futures electronic trading plunge despite that regional index is consider holding firm against the selling pressure.

Technically, FKLI was seen break down from rising wedge in the hourly chart which projected price was seen at 842.5 regions. However, we expect FKLI would test 78.6% Fibonacci figure at 830 regions. Traders were advice to only hold long position provided if support at 842.5 and 830 were manage to hold firm against the selling pressure. Resistances were seen at 865 and 880 region.