FKLI Daily Commentary for 12nd July 2010

FKLI July Futures contract traded 12 points higher to close at 1328.5 levels as compare to previous trading session to with a total of 8,370 lots traded in the market. FKLI surge higher during trading sessions as regional indices were trading higher which indirectly encourage FKLI attempt to search for higher resistance levels.
FKLI continue to breach previous resistance levels at 1322 regions to search for higher resistance levels at 1333; 78.6% Fibonacci resistance levels range from 1342 to 1287 regions. Technically, FKLI still seems unclear on the major trading direction. However, it’s very crucial that FKLI must not penetrate resistance levels at 1336 and 1342 in order for FKLI to remain trading as correction wave. Failure to hold trading price below resistance shall indicate market would be riding on bull market. FKLI support levels were seen at 1325 and 1316.5 regions.