FKLI Daily Commentary for 15th March 2010

FKLI March Futures contract was traded 5 points lower as compare to previous trading session to close at 1316 levels with a total of 5,201 lots traded in the market. FKLI was traded lower during trading sessions as regional indices were traded lower during trading sessions despite were open higher during morning sessions but FKLI soon consolidate in 2nd trading sessions.
FKLI traded lower after manage to rebound 78.6% Fibonacci resistance levels at 1326.5 regions before to consolidate within range from 1314 to 1318 regions. However, FKLI attempted to reach 1312 regions shows a possibility of wave 5 completion in the 15min price chart. Technically, FKLI would seems traded lower provided resistance levels at 1318.5 and 1329 were not violated in the coming trading sessions as it would violated Elliott Wave rules. However, FKLI next nearest support levels were seen at 1302 and 1288 regions.