FKLI Commentary on 03/04/09

FKLI April futures contract surge 33 points higher to close at 913 as compare to previous trading session with total 10706 lots traded in the market. FKLI surge up throughout the entire trading session as regional indices and Dow Jones electronic trading traded higher during trading session.

Technically, FKLI surge up fierce throughout trading session and stopped around 78.6% Fibonacci projection levels at 914 regions. We expect FKLI would trade higher in the coming trading session. However, FKLI might retrace slightly towards support levels at 894 and 882 regions as market seems extremely overbought. Traders were advice to hold long position around the support levels while be extra cautious around resistance levels at 925 and 942.5 regions.