FKLI Daily Commentary for 4th June 2010

FKLI May Futures contract surge 20.5 points higher as compare to previous trading session to close at 1300 levels with a total of 7,767 lots traded in the market. FKLI surge higher after firm encouragement on Dow Jones overnight settlement while intraday drive by strong region upside trading.
FKLI penetrate previous high at 1285.5 since open for trading at 1290.5 and continue to surge higher reaching 238.2% Fibonacci resistance levels at 1302.5 regions before market eased down for end of trading sessions. Technically, FKLI seems temporary topped around 1302.5 regions before attempt to begin wave 4 correction where nearest support levels seen at 1292 and 1285.5 region; 38.2% and 61.8% Fibonacci support levels. However, FKLI would expect to encounter price resistance at 1307 and 1325 regions; both are 61.8% and 78.6% Fibonacci rebound levels.