FKLI Daily Commentary for 20th Jan 2010

FKLI Jan Futures contract traded 0.5 point lower to settle at 1300.5 levels as compare to previous trading session to with a total of 2,381 lots traded in the market. FKLI was traded with significant lower traded volume during trading session despite volatile trading occur to regional equity indices especially Hang Seng Indices.
FKLI retest previous high at 1304.5 levels but with far lesser traded volume as shown in the FKLI hourly price chart. Lower traded volume might hint further correction phase due unfinished correction phase from previous trading session as double top formation seen in the hourly chart where neck line seen at 1295.5 regions. Technically, FKLI would encounter further correction if support levels at 1294.5 and 1289 fail to hold against the selling pressure during trading sessions. However, FKLI would remain seen intact with uptrend provided critical support levels were not violated during trading sessions. Resistance levels were seen at 1307 and 1314 regions.