Tuesday, March 2, 2010

FKLI Daily Commentary for 3rd Mar Feb 2010

FKLI Mar Futures contract traded 6 point to close at 1289 levels as compare to previous trading session to with a total of 4,306 lots traded in the market. FKLI opened higher as Dow Jones overnight were traded higher due to news release regarding AIG bailout plan. However, FKLI were consolidate since as regional indices doesn’t show any positive reaction during trading sessions especially Hang Seng indices and Shang Hai indices were traded lower.
FKLI manage to reach our objective price at 1288.5 regions; 78.6% Fibonacci resistance levels during trading sessions. Technically, FKLI currently traded on critical zone to decide on continuation on correction phase or reserve towards bullish in the coming trading sessions. It’s crucial that resistance levels at 1290, 1295.5 and 1307 are capable to hold against upsurge in the coming trading sessions in order FKLI to remain in correction phase. Failure to hold against the upsurge shall indicate further buying interest. Support levels were seen at 1280 and 1272 regions.