FKLI Daily Commentary for 24th Feb 2010

FKLI Feb Futures contract traded 4 points higher to close at 1270 levels as compare to previous trading session to with a total of 8,373 lots traded in the market. FKLI opened lower as regional indices were traded weak in the early session but manage to recover in the 2nd trading sessions as Hang Seng indices were traded higher.
FKLI price manage to reach 61.8% Fibonacci support levels at 1262.5 regions after spike up at 1288 regions in the previous trading sessions. Technically, FKLI seems completed wave 4 count in short term trading where expected resistance seen at 1278 and 1288.5; both are 38.1% and 61.8% Fibonacci resistance levels, to complete wave B in the hourly price chart. However, FKLI still view as riding on correction phase in the medium term provided resistance levels were not violated while support levels at 1262 and 1247 were not violated in the coming trading sessions.