FKLI Daily Commentary for 16th Apr 2010

FKLI April Futures contract was traded 1 point lower as compare to previous trading session to close at 1341 levels with a total of 4,655 lots traded in the market. FKLI opened higher in the morning trading sessions as Dow Jones were traded firm during overnight trading but retrace in latter sessions as regional indices were mostly profit taking during trading sessions.
FKLI penetrate resistance levels at 1346 regions but retrace soon after reach high at 1347.5 regions towards 78.6% Fibonacci support levels at 1336.5 regions. Technically, FKLI still is trading within a symmetric triangle formation in the hourly price chart where support levels at 1333.5 and 1329 must not be violated in order for uptrend to resume. Resistance levels were seen at 1344 and 1350.5, both were 61.8% and 100% Fibonacci resistance levels.