FKLI Daily Commentary for 12 Jan 2010

FKLI Dec Futures contract closed marginally 0.5 point higher to settle at 1297.5 levels as compare to previous trading session to with a total of 3,693 lots traded in the market. FKLI was traded sideways after manage to test higher at 1301 regions as regional indices and Dow Jones electronic trading were traded higher during trading sessions.
FKLI traded lower after manage to reach final wave count at 1301 regions; triple complete at 250%, 150% and 50% Fibonacci resistance levels, before starts to consolidate within range from 1296 to1298 regions throughout the entire trading sessions after fail to penetrate 1300 resistance level for 4th attempt. Technically, FKLI remain participate together recent bull rally provided FKLI manage to hold above resistance levels at 1304 and 1312 regions; both were 161.8% and 200% Fibonacci resistance levels. Support levels were seen level at 1293.5 and 1289.5 regions.