FKLI Commentary on 24/12/09

FKLI Dec Futures contract traded 6 point higher to close at 1263.5 levels as compare to previous trading session to with a total of 4,534 lots traded in the market. FKLI burst upwards after long consolidation for the past few trading days; fueled with strong regional equity indices especially ShangHai and Hang Seng Indices.

FKLI seem traded below resistance trend line after attempt to break up at 1263.5 resistance levels in the hourly price chart. Technically, FKLI manage to rebound 78.6% Fibonacci levels at 1266.5 regions after support levels at 1256 well hold against the selling pressure. FKLI still seen uncertainty on direction as resistance levels 1269 and 1276 has yet to penetrate. However, FKLI still remain on bullish on medium term as long as support levels at 1256 and 1251.5 were not violated during trading sessions.