FKLI Commentary on 30/10/09

FKLI Oct Futures contract fall 7 points lower to close at 1238.5 levels as compare to previous trading session to with a total of 6,042 lots traded in the market. FKLI was traded higher gradually despite was opened lower during morning sessions due to Dow Jones overnight weak closing while regional indices were plunge lower during trading sessions.

Technically, FKLI was manage to penetrate 50% Fibonacci support level at 1236 despite several attempt during trading session leave the hourly chart with long tails. Based on our technical view, our opinion suggests FKLI could be possible to reverse bullish as bullish star candle was seen in the daily chart provided support levels at 1236 and 1227 must not be violated during trading sessions. Traders were advice to hold long position while be cautious around resistance levels at 1244 and 1256 regions.