FKLI Commentary on 15/01/10

FKLI Jan Futures contract traded 5.5 point higher to settle at 1297 levels as compare to previous trading session to with a total of 4,805 lots traded in the market. FKLI was traded higher during trading sessions but traded lower before end of closing due to Hang Seng Indices were traded lower as profit taking activity.

FKLI was resisted around resistance levels at 1300 regions after 5th attempts to overrule it despite manage to penetrate previous resistance levels at 1293.5 and 1298.5 regions. FKLI was manage to retrace 38.1% Fibonacci support levels at 1295.5 regions during trading sessions before manage to close at 1297. Technically, FKLI seems counting on wave 5 upwards provided support levels at 1293.5 and 1289.5 were strictly not violated during trading sessions. However, FKLI would expect to encounter some selling pressure around resistance levels at 1300.5 and 1313.5; both were 23.6% and 50% Fibonacci resistance levels.