FKLI Daily Commentary 070110

FKLI Dec Futures contract surge 6.5 point higher to settle at 1296.5 levels as compare to previous trading session to with a total of 5,300 lots traded in the market. FKLI opened higher out of expectation as Dow Jones was traded weak during overnight trading. FKLI continue to surge higher despite most of the regional indices were retrace before end of session due to some profit taking activity.
FKLI manage to overcome previous resistance levels at 1292 regions and test 250% and 150% Fibonacci resistance level at 1300.5 regions twice in the hourly price chart. Technically, it’s view that FKLI more likely riding wave count 3 instead wave 5; which 123.6% Fibonacci resistance level at 1300, as hourly price chart still haven’t show any sign of divergence. However, FKLI would expect much selling pressure around resistance levels at 1303 and 1312 region in the coming trading sessions. FKLI traded price are more favorable to hold above support at 1278 and 1269.5 in order for Bull rally to remain intact firm with current market situation.