FKLI Commentary on 02/06/09

FKLI May futures contract rose another 12 point higher to close at 1068.5 as compare to previous trading session with total 9,576 lots traded in the market. FKLI opened higher and continue to trade higher due to speculation on highlights regarding General Motor’s bankruptcy matter.

Technically, FKLI seems meet projected figure at 1071; 38.1% Fibonacci projection levels in the hourly chart. Our technical knowledge suggests that FKLI seen topped around resistance levels at 1071 and 1095 regions. Hence, traders were advice to hold short position provided resistance levels were not violated while alert around support levels at 1057 and 1044 regions.