FKLI Commentary on 30/12/09

FKLI Dec Futures contract traded 4 point higher to close at 1278 levels as compare to previous trading session to with a total of 4,309 lots traded in the market. FKLI search for low before and after traded higher during trading sessions as regional indices and Dow Jones futures electronic trading were traded sideways while waiting new leads for direction.

FKLI continue to trade higher after manage to overcome previous resistance levels at 1273.5 and head next resistance levels at 1278.5 regions; 123.6% and 178.6% Fibonacci projection levels in the hourly chart. Technically, FKLI still haven’t shows any sign of reversal towards south provided support levels at 1269.5 and 1256 were not violated during trading sessions. Violation of support levels shall indicate bearish signal for medium term trading. Resistance levels were seen at 1281.5 and 1294 regions.