FKLI Commentary on 13/11/09

FKLI Nov Futures contract traded 7 points lower to close at 1268.5 levels as compare to previous trading session to with a total of 3,916 lots traded in the market. FKLI was traded lower due to sharp reverse for regional indices towards south despite most of the regional indices were traded positive during earlier trading sessions.

Technically, FKLI traded lower after manage to breach previous support levels at 1269 regions but temporary rested well above 38.1% Fibonacci support levels at 1263 regions. Based on technical view, FKLI seems break down from head and shoulder formation in the hourly price where neckline seen at 1269 levels. Our opinion suggests FKLI would trade higher if manage to penetrate above resistance levels at 1274 and 1282 regions. Traders were advice to hold long position upon resistance penetration while be cautious around support levels at 1263 and 1254 regions.