FKLI Commentary on 23/02/09

FKLI February contract plunge another 17 points lower to close at 878 as compare with previous trading session with a total of 8127 lots traded in the market. FKLI tracking close with Dow Jones futures electronic trading as Dow Jones futures plunge during the trading session.

Technically, FKLI seems challenge final support at 879 levels; 61.8% Fibonacci retrace figures. We expect FKLI would trade higher in the coming trading session provided support levels at 879 and 869; 61.8% and 78.6% Fibonacci figures. Traders were advice to hold long position only if support levels were not violated. Resistance levels at were seen at 885 and 892 regions.