FKLI Daily Commentary for 14th May 2010

FKLI May Futures contract was traded marginally 1 point higher as compare to previous trading session to close at 1341.5 levels with a total of 4,795 lots traded in the market. FKLI retrace lower after reach new height during trading sessions as Dow Jones futures electronic trading were trading lower before end of trading sessions.
FKLI opened higher and completed 138.2% Fibonacci resistance level at 1347.5 before begin to retrace lower towards 23.6% Fibonacci support levels at 1340.5 regions. Technically, FKLI would expected to trade higher once affirm to penetrate previous resistance levels at 1341 regions. However, FKLI would expected some degree of selling pressure around 1352.5 and 1352 and 1358 regions; 23.6% and 38.2% Fibonacci resistance levels. FKLI support levels were seen at 1333 and 1323.5; 50% and 78.6% Fibonacci support levels.