FKLI Daily Commentary for 18th May 2010

FKLI May Futures contract was traded 5 point lower as compare to previous trading session to close at 1333 levels with a total of 9,964 lots traded in the market. FKLI settled slightly lower as compare previous after recovered from major losses during morning sessions despite most of the regional indices were traded lower during trading sessions.
FKLI consolidate between 1324 and 1326 regions; 78.6% Fibonacci support levels, before starts to surge higher3 hours before end of trading sessions. Technically, FKLI seems temporary support above 1323.5 and 1317 regions; 78.6% and 100% Fibonacci support levels in the hourly price chart. However, it’s still crucial that FKLI to overcome resistance levels at 1343.5 and 1352.5 in order to affirm FKLI is currently riding on bull trend.