FKLI Commentary on 09/10/09

FKLI Oct Futures contract surge 10 points higher at 1234 levels as compare to previous trading session to with a total of 4,125 lots traded in the market. FKLI was traded higher as regional indices were traded firm during trading sessions despite unfavorable news release on the Dow Jones overnight trading regarding about the deficit matter.

Technically, FKLI were traded firm during trading session after manage to penetrate previous resistance levels at 1225 and 1232 levels. Based on our technical view, our analyst notice FKLI was manage to meet projected figure at 1236 levels; 50% Fibonacci resistance levels. We would cautiously think that FKLI is possible topped around 1235 regions. However, further confirmation needed to decide on trend reversal. Traders were advice to only hold short position if the resistance levels at 1236 and 1248 were not violated in trading sessions while support levels were seen at 1230 and 1223 regions.