FKLI Commentary on 18/02/09

FKLI December contract plunge another 22.5 points lower to close at 886.5 as compare with previous trading session with a total of 5784 lots traded in the market. FKLI was traded lower during the trading session followed regional and overseas indices.

Technically, FKLI breached all the major support in the hourly chart and finally rested on 78.6% Fibonacci figures at 887.5 regions. Based on the hourly chart, support at 887 and 870 are the final resorts in order for short term rebound to sustain. Failure to hold above this level shall indicated further selling pressure as bear trend continuous ahead. Traders were advice to hold short position only provided if support levels were violated. Resistances were seen at 890 and 900 regions.