FKLI Daily Commentary for 19th May 2010

FKLI May Futures contract was traded 2.5 points lower as compare to previous trading session to close at 1330.5 levels with a total of 5,461 lots traded in the market. FKLI was mainly traded sideways during trading session as regional indices were traded mix during trading sessions despite Dow Jones futures electronic trading were traded higher.
FKLI seems consolidate within range from 1333.5 to 1330.5 regions despite attempted to test resistance levels at 1336; 50% Fibonacci resistance levels. Technically, FKLI seems forming a rising wedge formation in the hourly price chart where nearest support levels seen at 1327.5 and 1324 regions. Rising wedge formation shows tendency to jeopardy the uptrend formation provided resistance levels at 1336 and 1343.5, 61.8% and 100% Fibonacci resistance levels were not overcome in the coming trading sessions.