FKLI Commentary on 25/11/09

FKLI Nov Futures contract traded 5 points lower close at 1268 levels as compare to previous trading session to with a total of 5,482 lots traded in the market. FKLI was traded lower during trading sessions as regional indices and Dow Jones electronic trading were traded lower despite overnight Dow Jones Industrial Average were closed firmed on overnight trading.

Technically, FKLI appear to move lower within 3 layer of downtrend channel while found its support at 1265 region; 38.1% Fibonacci support levels after swift sell down. Based on our technical view, FKLI still seen remain intact with bull trend provided support levels at 1252 and 1233 were not violated in the coming trading sessions. Our opinion suggests FKLI would trade higher provided FKLI price manage to hold above resistance level at 1270 and 1276 regions. Traders were advice to hold long applying long on breakout strategy in the coming trading sessions.