FKLI Commentary on 11/01/10

FKLI Dec Futures contract traded 4 points higher to settle at 1297 levels as compare to previous trading session to with a total of 4,858 lots traded in the market. FKLI look for short term support and traded lower during morning sessions while surge higher in the 2nd trading session due to firm regional indices and Dow Jones futures electronic trading.

FKLI encounter great buying interest around 23.6% Fibonacci support levels at 1290 regions and manage to rebound 78.6% Fibonacci resistance levels at 1297.5 regions after 1300 psychology resistance level were tested 3 attempts during trading sessions. Technically, FKLI were seen continue to ride on bull rally provided manage to trade above resistance levels at 1301 and 1312.5 regions; both were 78.6% and 100% Fibonacci resistance levels while support levels 1293 and 1289.5 must not be violated in order for bull rally to remain intact.