FKLI Daily Commentary for 20th July 2010

FKLI July Futures contract fall marginally 0.5 points lower to close at 1340 levels as compare to previous trading session to with a total of 5,102 lots traded in the market. FKLI recovered from losses after opened lower for trading but manage to recover before end of trading sessions as Europe indices positive signs to trade higher.
FKLI traded to trade higher during trading sessions towards 1340; 78.6% Fibonacci resistance levels manage to penetrate previous low levels at 1333 regions. Technically, FKLI seems still within correction phase although these corrections count seems misleading by many contracting element. However, FKLI resistance levels still remain at 1347 and 1360 regions while support levels remain at 1325 and 1315 regions.