Tuesday, November 17, 2009

FKLI Commentary on 18/11/09


FKLI Nov Futures contract traded 4 points lower to close at 1278 levels as compare to previous trading session to with a total of 4,830 lots traded in the market. FKLI was traded lower despite Dow Jones Industrial Average were trade strong during overnight trading as regional indices were traded weak during trading sessions.

Technically, FKLI price fail to penetrate 178.6% Fibonacci resistance levels at 1284.5 regions and traded lower after break down lower from the uptrend chancel support line. Based on our technical view, FKLI seems finish correction count at 38.1% Fibonacci support levels at 1276.5. Our opinion suggests FKLI would start trade higher in the coming trading sessions provided support levels at 1276 and 1272 were not violated. Traders were advice to hold long position while be cautious around resistance levels at 1284.5 and 1300 regions.

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