FKLI Commentary on 10/11/09

FKLI Nov Futures contract traded 7.5 points higher to close at 1273 levels as compare to previous trading session to with a total of 3,816 lots traded in the market. FKLI traded higher during trading sessions due to some positive news release regarding expectation of 6%GCP growth until year 2020 to meet target of USD17, 000 per capita incomes despite regional indices were not much of volatility during trading sessions.

Technically, FKLI challenge previous high resistance levels at 1273.5 regions with closing at 1273 regions. FKLI daily price chart shows lower possibility to form double top formation as it’s still lack of higher participation around previous high at 1273.5 regions. Based on our technical view, our opinion suggests FKLI would likely to trade higher in the coming trading sessions provided resistance levels at 1273.5 and 1282.5 regions. Traders were advice to hold long position while be cautious around support levels at 1270.5 and 1263 regions.