FKLI Daily Commentary for 16th July 2010

FKLI July Futures contract fall 6.5 points lower to close at 1337 levels as compare to previous trading session to with a total of 6,928 lots traded in the market. FKLI plunge lower during trading sessions as regional indices especially Hang Seng Index and ShangHai Index plunge lower during trading sessions.
FKLI traded lower during trading sessions after previous support levels at 1340 fails against selling activity during trading session and found support levels at 1333; 61.8% Fibonacci support levels before begin to rebound towards 1338; 50% Fibonacci resistance levels. Technically, FKLI still favor towards correction phase provided resistance levels at 1343 and 1352.5 were not violated in the coming trading sessions. Support levels were seen at 1327 and 1322 regions. Failure to hold trading price above support levels shall indices further selling pressure to take in place.