FKLI Commentary on 27/10/09

FKLI Oct Futures contract fall 4.55 points lower to close at 1261 levels as compare to previous trading session to with a total of 2,369 lots traded in the market. FKLI was mainly traded sideways as regional indices and Dow Jones electronic trading were traded within range during trading sessions.

Technically, FKLI price manages to rebound 50% Fibonacci resistance level at 1265 regions during trading session but closed within sideways range after spurt up for less than 5 minutes. Based on our technical view, our opinion suggests FKLI could be possible to test support levels at 1254.5 and 1242 regions in the coming trading session before would continue to ride on the bull rally again. Traders were advice to hold long position around support levels at 1254.5 and 1242 while be cautious resistance levels at 1265 and 1271 regions. Uptrend would remain intact provided support levels at 1233.5 and 1242 were not violated during trading sessions.