FKLI Daily Commentary 22nd Jan 2010

FKLI Jan Futures contract traded 1.5 point higher to close at 1304.5 levels as compare to previous trading session to with a total of 3,045 lots traded in the market. FKLI was traded sideways during trading sessions as KLCI was holding firm despite regional indices especially Hang Seng Indices plunge lower during trading sessions due to effect of China Government decision to implement unfavorable policy on financial industry.
FKLI tested previous high levels at 1307 regions after opened and supported above support levels at 1302; 61.8% Fibonacci support levels. FKLI was seen traded below the support trend line of rising wedge in the hourly chart after retest resistance levels at 1307 regions. Technically, FKLI was seen trading at critical moment as support levels for trading FKLI gets nearer and yet FKLI still trading within range from 1300 to 1307 regions. FKLI would remain intact with Bull rally provided support levels at 1300 and 1295.5 were not violated during trading sessions while resistance levels were seen at 1309.5 and 1314.