FKLI Daily Commentary for 5th May 2010

FKLI May Futures contract was traded 5 points lower as compare to previous trading session to close at 1338.5 levels with a total of 5,495 lots traded in the market. FKLI plunge lower despite were opened higher during morning sessions as Dow Jones was traded firm overnight but Dow Jones futures electronic trading was traded weak during trading sessions.
FKLI was traded lower after fail to penetrate resistance levels at 1353; 178.6% Fibonacci resistance levels and began to retrace lower towards support levels at 1340 and 1337.5 regions; 50% and 61.8% Fibonacci support levels. Technically, FKLI seems rather confusing in term of wave as there major 2 types of counts where support levels 1337.5 and 1328 regions seems critical element to decide if FKLI to remain intact Uptrend or otherwise. However, resistance levels at 1344 and 1348 seems critical in order further affirm FKLI riding on uptrend provided support levels were not violated.