FKLI Daily Commentary for 4th Feb 2010

FKLI January Futures contract was traded 7 points higher as compare to previous trading session to settle at 1268 levels with a total of 4,184 lots traded in the market. FKLI traded higher after manage to search for support level during intraday trading sessions despite regional indices and Dow Jones futures electronic trading were traded higher during trading sessions.
FKLI regain strength to surge higher after found support around 1263.5 regions, 61.8% Fibonacci support levels in the 15min price chart before manage to penetrate higher region at 1270.5 levels in the latter trading sessions. Technically, FKLI encounter multiple retrace due to great selling activities around resistance levels at 1272, 50% Fibonacci resistance levels while next nearest resistance levels seen at 1279 and 1285.5, both were 61.8% and 78.6% Fibonacci resistance levels. FKLI would remain undergoing correction phase provided critical resistance levels at 1295.5 was not violated during trading sessions. However, selling pressure was seen undertaken provided support levels at 1259.5 and 1250 regions were not violated during trading sessions.