FKLI Commentary on 03/12/09

FKLI Dec Futures contract traded 4.5 points higher to close at 1273 levels as compare to previous trading session to with a total of 3,971 lots traded in the market. FKLI was mainly traded sideways despite most of the regional indices were traded higher while Dow Jones was closed firm during overnight trading.

Technically, FKLI appear fail to penetrate 61.8% Fibonacci resistance levels at 1274.5 regions while manage to retrace towards 50% from previous day low. Based on our technical view, FKLI seems stay above support trend line while price was back above Bollinger middle band in the daily chart. Our opinion suggests FKLI would certain trading upwards provided manage to penetrate and hold above resistance levels at 1277 and 1281 regions. Traders were advice to only hold long position if resistance levels were violated. Support levels were seen at 1268 and 1258; middle Bollinger band in hourly and daily chart.