FKLI Commentary on 20/11/09

FKLI Nov Futures contract closed 6.5 points lower to close at 1271 levels as compare to previous trading session to with a total of 4,262 lots traded in the market. FKLI was traded lower during entire trading as regional indices and Dow Jones elec

Technically, FKLI further test 61.8% Fibonacci support levels at 1270.5 regions after fail to penetrate resistance levels at 1278 regions. Based on our technical view, FKLI was seen would trade higher in the coming trading sessions provided support levels at 1270 and 1262 were not violated during trading sessions. Our opinion suggests FKLI would likely found bottomed around 1270 or 1266 regions; 161.8% and 178.6% Fibonacci support levels. Traders were advice to hold long position while be cautious around resistance levels at 1278 and 1285 regions.