FKLI Daily Commentary for 6th May 2010

FKLI May Futures contract was traded 6.5 points lower as compare to previous trading session to close at 1338.5 levels with a total of 11,996 lots traded in the market. FKLI plunge lower due to Greece debt issue that view might be trigger off financial institution structure once again after the Subprime issue 2 years ago.
FKLI opened and plunge lower since open for trading and tested support trend line in the hourly price chart before FKLI starts to rebound higher towards 1331 regions. Technically, FKLI seems rather distracting as wave 2 might seems reach 100% Fibonacci support levels at 1321 regions while larger wave count suggest wave 4 complete at 1319.5 regions; 50% Fibonacci support levels. However, it’s crucial the nearest support levels at 1320 and 1312 regions; 50% and 61.8% Fibonacci support levels, were not violated in the coming trading sessions in order to affirm FKLI remain intact on uptrend while resistance levels seen at 1337 and 1346; both were 50% and 78.6% Fibonacci resistance level from 1352.5 to 1321.