FKLI Daily Commentary for 28th Apr 2010

FKLI Apr Futures contract rose 4.5 points lower to close at 1338.5 levels as compare to previous trading session to with a total of 7,062 lots traded in the market. FKLI was traded within tight range as it’s near to end of month for rollover position activity while regional indices were traded mix during trading sessions.
FKLI failed to penetrate resistance levels at 1344.5 and search for firm support during trading sessions after penetrate previous low levels at 1339 regions. Technically, FKLI seem flirting with the support trend line in the hourly price chart during entire trading sessions despite FKLI traded price struggling to seek for support levels at 1334 and 1331; both are 61.8% and 78.6% Fibonacci support levels. However, FKLI traded price must overcome resistance levels at 1344.5 and 1349 in order for Bull trend to resume intact.