FKLI Commentary on 12/02/09

FKLI February futures contract fall 7.5 points lower to close 892.5 as compare to previous trading session with total 4149 lots traded in the market. FKLI was traded lower and sideways as overnight Dow Jones and regional indices were traded weak during trading session.

Technically, FKLI seems temporary supported above 887; 38.1% Fibonacci retrace figure. FKLI hourly chart seems price was traded within downtrend channel. However, we expect FKLI would trade higher in the coming trading session with in support seen at 883 and 880 regions. Traders were advice to hold long position while being cautious around resistance levels seen at 900 and 913 regions.