FKLI Commentary on 24/11/08

FKLI November contract rose 14.5 points higher compare to previous trading session at 869 with a total of 7756 lots traded in the market.

FKLI was opened lower as Dow Jones plunge during overnight trading session but starts to surge later trading session as regional indices starts to perform well together with Dow Jones futures electronic trading. Technically, FKLI breaks down from a descending triangle where neckline was seen at 863 levels but seems temporary supported at 840 levels; 78.6% Fibonacci retrace figures. Traders were advice to take profit in the coming trading session if FKLI didn’t manage to breach resistance levels at 875 and 885 regions. Supports were seen at 863 and 840 region.