FKLI Commentary on 16/02/09

FKLI February futures contract surge 30 points higher to close 910.5 as compare to previous trading session with total 6701 lots traded in the market. FKLI was traded higher during the entire trading session despite not much movement for regional indices.

Technically, FKLI complete the falling wedge formation after break the resistance levels at 888 regions. We expect FKLI would continue to surge higher in the coming trading after mild correction after yesterday strong bust up. Traders were advice to hold long position in the coming trading session while be cautious around the resistance levels at 914 to 927 regions. Supports were seen at 896 and 880 regions.