FKLI Commentary on 21/01/10

FKLI Jan Futures contract traded 2.5 point higher to settle at 1303 levels as compare to previous trading session to with a total of 3,458 lots traded in the market. FKLI was traded lower despite opened higher during morning session as Hang Seng Indices were traded plunge lower since open for trading despite Dow Jones were traded firm on overnight session.

FKLI seems fails to penetrate RSI resistance trend line in the hourly chart despite FKLI price manage to trade on new high at 1307. FKLI price still traded within rising wedge formation in the hourly chart while 1307.5 levels was 38.1% Fibonacci resistance levels in the hourly chart. Technically, FKLI sees weak to trade higher when rising wedge formation seen in the hourly chart. FKLI would remain intact with bull trend provided short term support levels at 1295.5 and 1289 regions were not violated during trading session. Resistance levels were seen at 1309 and 1314 regions.