Monday, December 22, 2008

FKLI Commentary on 22/12/08

FKLI December futures contract closed 6.5 points lower compare to previous trading session at 885.5 with 6491 lots were traded in the market. FKLI was traded mainly downwards during the trading session as most of the regional indices were traded lower due to some profit taking activities.

Technically, FKLI seems to temporary supported above 877, 38.1% Fibonacci retracement figures while likely to forms a symmetric triangle in the 15 minutes price chart. However, we remain to expect FKLI would trade higher in the coming trading session provided support levels at 860 and 842 were not violated. Traders were advice to hold long position in the coming trading session while be cautious around the resistance levels at 888 and 907 region.