FKLI Daily Commentary for 4th March 2010

FKLI February Futures contract was traded 5.5 points lower as compare to previous trading session to close at 1283.5 levels with a total of 4,146 lots traded in the market. FKLI was traded lower after marked new high at 1292.5 during morning sessions as regional indices and Dow Jones electronic trading were traded lower in the 2nd half of the trading sessions.
FKLI reached higher high at 1292.5 during trading sessions despite our previous anticipation at 1290 regions where 1292.5 levels was 123.6% Fibonacci objective price in a smaller wave count. Technically, FKLI still require further convincing confirmation on attempt to penetrate resistance levels at 1290 and 1295.5 regions in order to affirm FKLI would reverse towards uptrend. Until that happen, FKLI still consider traded on correction phase at wave B seen completed at 1292.5 regions. However, we anticipate great buying interest around support levels at 1278 and 1272 regions. Failure to hold above support levels shall indicate further selling pressure.