FKLI Commentary on 11/09/09

FKLI Sep Futures contract rose 5.5 points higher to close at 1206 levels as compare to previous trading session to with a total of 6,280 lots traded in the market. FKLI fall back lower in the second trading session despite Dow Jones electronic and regional indices were closed firm during the trading sessions.

Technically, FKLI retrace towards 50% Fibonacci support levels at 1206 regions after tested the resistance levels at 1216; 38.1% Fibonacci projection levels. Based on our technical knowledge, our opinion suggests FKLI would meet great interest around support levels at 1200 and 1196 regions. Failure to hold above the support levels shall indicate great selling pressure. Traders were advice to hold long cautiously, make sure the support were not violated before and after entry position while be cautious around resistance level 1216 and 1223 levels.