FKLI Daily Commentary for 17th May 2010

FKLI May Futures contract was traded 3.5 point lower as compare to previous trading session to close at 1338 levels with a total of 5,083 lots traded in the market. FKLI was trading lower during trading sessions as regional indices and Dow Jones futures electronic trading were traded lower during trading sessions.
FKLI opened unchanged and consolidate for 5 hours before starts from trading lower as effort to penetrate resistance levels at 1343; 50% Fibonacci resistance levels. Technically, FKLI seems undergoing some correction phase where support levels at 1328.5 and 1323; 61.8% and 78.6% Fibonacci support level; seen at critical value in order for uptrend definition to remain intact. However, FKLI must trade above resistance level at 1343 and 1352.5 in order for uptrend to resume with strength.