FKLI Commentary on 16/10/09

FKLI Oct Futures contract retrace 6 points lower at 1245.5 levels as compare to previous trading session to with a total of 4,556 lots traded in the market. FKLI was traded lower during trading session due some heavy profit taking activities after manage to surge heavily in previous trading session despite regional indices manage to trade higher during trading sessions.

Technically, FKLI price manage to retrace 61.8% Fibonacci support levels at 1242.5 levels while maintain closing above the previous upper resistance trend line at 1246 regions. Based on our technical view, our opinion suggests FKLI would trigger major sell signal provided support level at 1233.5 and 1238 were violated during trading session. Traders were advice to hold long cautiously to ensure support levels were not violated while resistance levels were seen at 1250 and 1257 regions.