FKLI Daily Commentary for 11th May 2010

FKLI Apr Futures contract surge 13.5 points higher to close at 1338 levels as compare to previous trading session to with a total of 7,275 lots traded in the market. FKLI was traded higher during trading sessions as regional indices and Dow Jones futures electronic trading were traded higher despite Dow Jones were settle weak during overnight trading.
FKLI further extent higher after found temporary support at 1330 regions; 50% Fibonacci support levels. Technically, FKLI seems surge higher in attempt to test next nearest resistance levels at 1341.5; 78.6% Fibonacci resistance levels. FKLI would resume into correction phase provided attempts failed to penetrate resistance levels at 1341.5 regions and 1352.5 regions. On the contrary, failure to resist price trading below resistance levels shall indicate short term bullish in FKLI market. However, FKLI need to penetrate support levels at 1337.5 and 1329 in order to further affirm on the correction phase.