FKLI Daily Commentary for 8th Feb 2010

FKLI January Futures contract was traded 17 points lower as compare to previous trading session to settle at 1243.5 levels with a total of 6,399 lots traded in the market. FKLI plunge lower since for trading as overnight Dow Jones was plunge due to unfavorable news release while major regional indices were affected severely.
FKLI unexpectedly reach 300% and 61.8% Fibonacci support levels at 1242.5 regions after further extension from previous support levels at 1250 regions. Technically, FKLI seems possible to temporary reach support levels at 1242 region, 23.6% Fibonacci support from large wave count from 1032 to 1307 regions while next support levels would be anticipated around 1234 regions. However, current wave count didn’t suggest any reversal signal from current correction phase despite mild rebound unexpected where resistance levels seen at 1269 and 1284, both were 50% and 78.6% Fibonacci resistance levels. Overall, Medium term trend is mainly dominated by bearish sentiment.