FKLI Daily Commentary for 7th May 2010

FKLI Apr Futures contract traded 2.5 points lower to close at 1329.5 levels as compare to previous trading session to with a total of 9,046 lots traded in the market. FKLI was traded wild as it reach for high and low of intraday price range while regional indices and Dow Jones futures electronic trading were settle lower upon end of trading sessions.
FKLI complete minor wave 5 upsurges at 1334.5 region; 78.6% Fibonacci resistance levels, before manage to correct lower to support levels at 1323.5 regions; 78.6% Fibonacci support levels. Technically, FKLI seems temporary holding above support levels at 1323.5 and 1320 regions. Any violation of the support levels would suggest heavy liquidation of long position while FKLI expected to encounter some degree of resistance around 1336 and 1340 region; both were 50% and 61.8% Fibonacci resistance levels. Presume FKLI still riding on uptrend, these resistance levels should not become difficulties to prevent price from trading higher.