Wednesday, June 9, 2010

FKLI 10th June Market Commentary

FKLI June Futures contract traded 3.5 point higher to close at 1286 levels as compare to previous trading session to with a total of 4,727 lots traded in the market. FKLI settled marginally higher after attempt to penetrate higher high during trading sessions despite Dow Jones were settle lower during overnight trading while regional indices was not trading on the advantage of FKLI.
FKLI seems temporary holding well above support levels at 1282 regions before FKLI manage to test resistance levels at 1291 regions; 61.8% Fibonacci resistance levels in the hourly price chart. Technically, FKLI seems form a rounding top formation within range from 1284 to 1290 regions in the hourly price chart. This suggests FKLI currently undergo critical stage where any break out from the price range shall lead to trend trading. Next nearest support was seen at 1282 and 1269.5 while nearest resistance levels was seen at 1291 and 1307 regions.