FKLI Daily Commentary for 25th Jan 2010

FKLI January Futures contract was traded 9 points lower as compare to previous trading session to close at 1295.5 levels with a total of 5,112 lots traded in the market. FKLI was finally plunge lower since open trading sessions as regional indices and Dow Jones overnight trading were traded weak due to news release on the financial sector for China and United Stated.
FKLI traded lower after manage to break lower from the rising wedge formation in the hourly chart but manage to hold above 78.6% Fibonacci support levels at 1292.5 ranging from 1289 to 1307 regions. Technically, FKLI seems temporary complete short term wave 3 count on 100% at 1307.5 regions provided FKLI not trading above resistance levels at 1302 and 1307 region in the coming trading sessions. RSI in the hourly chart seems break down lower than support trend line and manage to close below the trend line indicates FKLI was seen temporary weak to trade higher for short term trading. Next nearest support seen at 1289 and 1279.5 despite medium term supports were seen at 1278 and 1260 regions in order for FKLI to remain intact with uptrend.