FKLI Commentary on 26/01/10

FKLI Jan Futures contract traded 0.5 point lower to close at 1295 levels as compare to previous trading session to with a total of 4,862 lots traded in the market. FKLI was opened lower due to Dow Jones overnight trading but recovered during intraday trading as regional indices were recovering from previous consecutive 4 days selling activity.

FKLI seems holding above previous low levels at 1289 regions; which 50% Fibonacci support levels seen at 1290 regions. FKLI manage to retrace 78.6% Fibonacci after manage to recover towards 1295 regions before end of trading sessions. Technically, FKLI seems complete minor downtrend wave count at 1289 regions at 50% Fibonacci projection and rebound wave count anticipate 1300 and 1307 seen as critical resistance levels if FKLI persist with correction wave. However, FKLI are required to penetrate support levels at 1289 and 1278 in the coming trading sessions in order correction phase still remain intact.