Wednesday, December 24, 2008

FKLI Commentary on 24/12/08

FKLI December contract close marginally 3 points higher at 877as compare with previous trading session with a total of 7221 lots traded inthe market. FKLI was opened and traded lower during earlier trading session but manage to recover partially due to some short covering activities before the end of the trading session.

Technically, FKLI seems manage to hold well above 61.8% Fibonacci retrace figure at 865 region after massive sell down from 897.5 levels. However,we expect FKLI would traded higher in the coming trading session provided support levels at 866 and 852 region were not violated. Traders were advice to hold long position in the coming trading session while region cautious around the resistance levels at 880 and 893 region.