FKLI Daily Commentary for 1st March 2010

FKLI February Futures contract was settle 6 points higher as compare to previous trading session to settle at 1276.5 levels with a total of 4,602 lots traded in the market. FKLI was traded higher as Dow Jones overnight was traded higher while regional indices traded higher during the trading sessions.
FKLI search for higher resistance levels after manage to open above previous resistance levels at 1272.5 regions before encounter next resistance levels at 1278 regions; 61.8% Fibonacci resistance levels range from 1288 to 1262 regions. Technically, support levels at 1262 and 1247 were seen crucial as fundamental of the previous upwards trading. Failure to hold above these support levels shall indicates greater selling pressure with assumption wave 4 count complete at 1279 regions; 78.6% and 38.1% Fibonacci resistance levels while wave 5 impulsive wave was expect to trade lower. However, resistance levels were seen at 1278 and 1288 region if support levels were not violated during trading sessions.