FKLI Daily Commentary for 3rd Feb 2010

FKLI Feb Futures contract traded 1.5 points lower to close at 1261 levels as compare to previous trading session to with a total of 5,001 lots traded in the market. FKLI traded lower after open higher in the morning sessions despite Dow Jones closed higher during overnight trading while regional indices were traded mix based on Asia major equity indices.
FKLI open higher at 1267.5 but lose strength during trading sessions and traded lower towards support levels at 1260 regions; 50% Fibonacci support levels upon close for trading. Technically, FKLI seems partially forming inverted head and shoulder formation in hourly price chart where neckline seen at 1270 regions provided support levels at 1257.5 and 1249.5 regions. However, FKLI still yet to confirm a bullish market as rebound was more appropriate in the correction phase. Resistance levels were seen at 1272 and 1285 regions.