FKLI Daily Commentary for 16th Mar 2010

FKLI Mar Futures contract traded 13 point lower to close at 1303 levels as compare to previous trading session to with a total of 5,085 lots traded in the market. FKLI traded lower since open for trading in the morning sessions as Dow Jones electronic trading traded lower while later follow by regional indices that traded lower during trading sessions.

FKLI trigger 1st sell signal after make new low at 1311 as compare with last week trading sessions and continue to trade further lower until found support levels at 1302 regions; 223.6% and 100% Fibonacci support levels. Technically, FKLI further confirmed undergoing short term correction phase after support level at 1312 fails to hold against the selling pressure during trading sessions. FKLI would anticipate further correction provided resistance levels at 1318 and 1329 were not violated in the coming trading sessions. However, FKLI would expect to have rebound activity provided support levels at 1298 and 1286.5 were not violated in the coming trading sessions.