FKLI 9th June Market Commentary

FKLI June Futures contract traded marginally 3.5 point higher to close at 1282.5 levels as compare to previous trading session to with a total of 5,378 lots traded in the market. FKLI traded higher as regional indices and Dow Jones electronic trading were traded higher but retrace lower upon closing due to some profit taking activity as Dow Jones futures electronic trading south after reached +100 marks.
FKLI continue to surge higher in attempt to challenge resistance levels at 1289; 61.8% Fibonacci resistance levels, before reverse trading lower towards support levels at 1282 regions upon end of trading session. Technically, FKLI seems possible to end rebound wave at 1289 regions before correction wave take into place. Confirmation for correction wave lay upon support levels at 1279 and 1272 regions. However, resistance levels at 1289 and 1294 regions must not be violated in the coming trading sessions in order for correction wave to remain intact.