FKLI Commentary on 12/03/09

FKLI March futures contract plunge 14 point lower to close at 847 as compare to previous trading session with total 7769 lots traded in the market. FKLI plunge despite opened 10 points higher due to Dow Jones overnight strong closing.

Technically, FKLI seems rebound almost 100% at 871 regions and manage to rest on 278.6% Fibonacci projection figures at 846.5 regions. We expect FKLI might rebound slightly higher in the coming trading session where resistances seen at 854 and 860 regions. Traders were advice to continue hold short position in the coming trading session while be cautious around support levels at 830 and 803 regions.