FKLI Commentary on 02/04/09

FKLI April futures contract rebound 4.5 points higher to close at 872 as compare to previous trading session with total 7694 lots traded in the market. Wild trading session for FKLI price trading as price tested new low and new high during the trading session ignoring regional and Dow Jones electronic trading.

Technically, FKLI price seems manage to rebound 78.6% Fibonacci figure at 883 regions after supported above 50% Fibonacci levels at 864 regions. We expect FKLI would trade lower in the coming trading session provided resistance levels at 883 and 888.5 were not violated. Traders were advice to hold short position in the coming trading session while be extra cautious around support levels at 873 and 864 regions.