FKLI Daily Commentary for 18th Jan 2010

FKLI Jan Futures contract traded 5 point higher to settle at 1302 levels as compare to previous trading session to with a total of 4,158 lots traded in the market. FKLI was traded higher during trading sessions but traded lower before end of closing due to Hang Seng Indices were traded lower as profit taking activity.
FKLI manage to penetrate previous resistance levels 1300 after at least 5 attempts in the previous trading sessions but was hold by 78.6% Fibonacci resistance levels at 1304.5 regions. Technically, FKLI seems temporary complete minor wave count and would expect minor correction where support levels were seen at 1294.5 and 1289 regions. Uptrend would remain intact provided support levels were not violated during trading sessions. However, FKLI would encounter some degree of selling pressure around 1308 and 1314; both were 38.1% and 50% Fibonacci resistance levels, while riding on the bull rally.