FKLI Commentary on 23/10/09

FKLI Oct Futures contract fall 5 points lower to close at 1255 levels as compare to previous trading session to with a total of 5,032 lots traded in the market. FKLI was traded lower near end of trading sessions as Europe indices were traded lower on opening despite regional indices were mainly recover from heavy sell down in earlier sessions.

Technically, FKLI price manages to rebound 61.8% Fibonacci resistance level at 1264.5 regions before continue to plunge lower and close at 61.8% at 1254.5 regions. Based on our technical view, our opinion suggests FKLI would only trade higher in the coming trading sessions provided support levels at 1250 and 1242 were not violated during trading sessions. Traders were advice to long position in the coming trading while be cautious around resistance levels at 1264 and 1270 regions.