FKLI Commentary on 23/11/09

FKLI Nov Futures contract traded unchanged to close at 1271 levels as compare to previous trading session to with a total of 4,795 lots traded in the market. FKLI was traded mainly sideways during trading sessions despite regional indices and Dow Jones electronic trading was traded lower.

Technically, FKLI test support levels at 61.8% Fibonacci support levels at RM1270 regions after previous low at 1267 regions in the hourly charts. Based on our technical view, FKLI was seems bullish provided support levels at 1262 and 1267 regions were not violated during trading sessions. Our opinion suggests FKLI would trade higher in the coming trading sessions with condition support level must not be violated in order for bull trend to remain intact. Traders were advice to hold long position while be cautious around resistance levels at 1277 and 1284.5 regions.