FKLI Commentary on 3/12/08

FKLI November contract plunge 18.5 points lower compare to previous trading session to close at 848 with a total of 6964 lots traded in the market. FKLI was traded lower during trading session as Dow Jones Futures electronic trading plunge despite that regional index is consider holding firm against the selling pressure.

Technically, FKLI seems holding against the selling pressure around support levels at 830; 78.6% Fibonacci retracement levels from 803.5 to 927 range after break down from the rising wedge in the hourly chart. We expect FKLI would be trading higher in the coming trading session due to window dressing activities provided 830 and 803.5 support levels were not violated. However, lack of traded volume for short term trend reversal confirmation. Traders were advice to hold long in the coming trading session once resistance levels at 850 and 870 were breach