FKLI Daily Commentary for 13rd July 2010

FKLI July Futures contract traded unchanged to close at 1328.5 levels as compare to previous trading session to with a total of 4,475 lots traded in the market. FKLI opened and surge higher during early trading sessions but settle lower due to heavy profit taking activity as FKLI has been traded higher for almost 5 days consecutively.
FKLI attempts to penetrate previous resistance levels 1342 fails after being resisted at daily trend line at 1337 regions and settle below resistance levels at 1330.5; 78.6% Fibonacci resistance levels. Technically, FKLI’s correction wave count seems in jeopardy as attempt to search higher resistance levels was persistence. However, resistance levels at 1342 and 1352.5 seen as crucial resistance levels in order for the correction wave count to remain intact. Support levels were seen at 1325 and 1315 regions.