FKLI Daily Commentary for 25th Feb 2010

FKLI Feb Futures contract traded unchanged to close at 1270 levels as compare to previous trading session to with a total of 8,596 lots traded in the market. FKLI opened lower as Dow Jones overnight was settled 100 point lower as compare previous settlement but FKLI manage to recover during trading sessions as regional indices were recovered due to some profit taking activity.
FKLI price tested 38.1% and 23.6% Fibonacci resistances level at 1272.5 regions before start to consolidate around 1269 and 1272 regions. Technically, FKLI still seen indecisive on the short term trend as FKLI has yet to reach objective price at 1288.5 regions neither attempt to penetrate support levels at 1262 and 1247 regions during trading sessions. However, FKLI still riding on correction phase on the medium term provided resistance levels at 1288.5 and 1295.5 were not violated in the coming trading sessions. Failure to hold above support level at 1262 shall indicate wave C count begin for further correction.