FKLI Commentary on 29/09/09

FKLI Sep Futures contract plunge 16.5 lower to close at 1205 levels as compare to previous trading session to with a total of 8,472 lots traded in the market. FKLI was plunge down lower as regional indices, especially Hang Seng indices and Nikkei indices were traded weak due to some unfavorable news released.

Technically, FKLI seems temporary supported at 78.6% Fibonacci projection levels at 1205 regions upon closing. Based on our technical view, our opinion suggests FKLI are likely to reverse trend provided resistance levels at 1215 and 1222 were not violated in the coming trading sessions. Traders were advice to hold short position on rebound as we think FKLI are likely to rebound higher provided support levels at 1202 and 1189 were not violated during trading sessions.