FKLI Daily Commentary for 17th June 2010

FKLI June Futures contract traded 13 points higher to close at 1309 levels as compare to previous trading session to with a total of 7,122 lots traded in the market. FKLI opened and trading higher during trading sessions as Dow Jones were settle higher during overnight trading while regional indices further encourage FKLI intraday trading but FKLI retrace slightly lower before end of sessions due to mild profit taking activity.
FKLI penetrate previous resistance levels at 1308.5 regions during trading session and manage to surge up higher towards 1316 regions; 338.2% Fibonacci resistance levels, before retrace lower before end of trading sessions. Technically, FKLI seems extend further higher towards next nearest resistance levels at 1325 and 1348 regions; 78.6% and 100% Fibonacci resistance levels despite previous trading sessions dip low at 1269.5. However, FKLI must not trade below support levels at 1293 and 1269.5 in order for FKLI to remain in rebound phase. Failure to hold above the support levels shall indicate continuation of correction phase.