FKLI Daily Commentary for 19th Jan 2010

FKLI Jan Futures contract traded 1 point lower to settle at 1301 levels as compare to previous trading session to with a total of 2,497 lots traded in the market. FKLI was traded higher despite was opened lower due Dow Jones overnight trading was traded weak while regional indices were traded lower during trading sessions.
FKLI manage to retrace 50% Fibonacci support levels at 1296.5 regions while complete projection figure at 1295 at 123.6% Fibonacci support levels before starts to trade higher to challenge resistance levels at 1302 previous day settlement value. Technically, FKLI seems likely to complete minor correction phase at 50% Fibonacci levels and riding on minor wave count 3 provided that support levels at 1295 and 1289 were not violated during trading sessions. RSI in the hourly price chart shows FKLI break up above the resistance trend line which indicate strength towards buyer side. FKLI must be able to trade above resistance levels at 1305 and 1311 regions for further confirmation on recent bull rally.