FKLI Daily Commentary for 7th July 2010

FKLI July Futures contract traded 18 points higher to close at 1311.5 levels as compare to previous trading session to with a total of 9,704 lots traded in the market. FKLI opened lower as Dow Jones electronic trading plunged during early morning sessions but soon FKLI trading higher and settle highest as most of the regional indices and Dow Jones futures electronic trading recovered from losses during trading sessions.
FKLI penetrate previous resistance levels at 1296 regions during trading session and continue to surge up higher; indicates FKLI rebound larger wave count, towards 50% Fibonacci resistance levels at 1312.5 regions. Technically, FKLI seems undergoing larger wave 4 count where nearest seen at 1313, 1318 and 1326; all at 50%, 61.8% and 78.6% Fibonacci resistance levels. Able to hold FKLI trading price below the resistance levels shall lead to assumption for further south trading where nearest support seen at 1307.5 and 1302.