Tuesday, September 1, 2009

FKLI Commentary on 02/09/09

FKLI Aug Futures contract fall 3.5 points lower to close at 1165.5 levels as compare to previous trading session to with a total of 4,452 lots traded in the market. FKLI rebound as regional indices were traded higher but fall lower as Dow Jones electronic trading plunge before market closed.

Technically, FKLI manage to rebound 61.8% Fibonacci retrace levels at 1171 regions after well hold above support levels at 1160.5 Based on our technical view, our opinion suggests FKLI is possible to rebound where resistances levels were seen at 1170.5 and 1174 regions provided support levels at 1163 and 1157 were not violated. Traders were advice to hold short position as our opinion suggests FKLI is more certain riding on a bear rally.