FKLI Commentary on 16/12/09

FKLI Dec Futures contract traded unchanged to close at 1265.5 levels as compare to previous trading session to with a total of 2,425 lots traded in the market. FKLI was mainly traded sideways throughout entire trading session despite regional indices and Dow Jones electronic trading were traded weak.

FKLI still fail to trade above previous day high at 1266 region; same levels at 78.% Fibonacci resistance levels from 1251.5 to 1270 regions. Based on our technical view, FKLI possible to trade higher in the coming trading session provided manage to penetrate resistance trend line in the hourly chart while support levels at 1260 and 1251 must not be violated. Resistance levels are seen at 1270 and 1281.5 would likely be tested if bull trend was formed.