FKLI Commentary on 23/12/08

FKLI December futures contract plunge 11.5 points higher as compare previous trading session to close at 874 with total of 7471 lots traded in the market. FKLI was opened higher during the trading session but later plunge during the trading session as news released query regarding fund on the bailout plan.

Technically, FKLI plunge after topped around 38.1% Fibonacci projection at 896 regions. We expect FKLI would meet some support around 870 and 865 region; both 50% and 61.8% Fibonacci retrace figure. Traders were advice to hold long position in the coming trading session provided if the support levels were not violated. Resistances were seena t 877 and 886 levels.