FKLI Commentary on 16/01/09

FKLI January futures contract plunge 17 point lower to close at 890 with a total 8918lots traded in the market. FKLI was traded wild during the trading session mainly due to regional indices movement.

Technically, FKLI manage to rebound 38.1% Fibonacci retracement levels at 899.5 after been trading lower during morning session. We expect FKLI would trade lower in the coming trading session with support seen at 880 and 865 regions. Traders were advice to hold short position in the coming trading session provided resistance levels at 915 and 925 were not violated.