FKLI Daily Commentary for 5th Feb 2010

FKLI Feb Futures contract traded 7.5 points lower to close at 1260.5 levels as compare to previous trading session to with a total of 2,393 lots traded in the market. FKLI traded sideways towards lower during trading sessions as Dow Jones overnight traded weak while regional equity indices and Dow Jones futures electronic traded plunge lower before end of trading sessions.
FKLI traded within downtrend channel throughout entire trading sessions with significantly lower daily traded volume. Technically, FKLI attempt to challenge support levels at 1260; 50% Fibonacci support levels, while next nearest support levels seen at 1248 regions. However, FKLI still view would rebound higher in the coming trading sessions despite medium term trading trend still looking towards bearish site. Resistance levels seen at 1265 and 1272 regions in the case provided FKLI would trade higher in the coming trading sessions.