FKLI Daily Commentary for 9th July 2010

FKLI July Futures contract traded 12 points higher to close at 1316.5 levels as compare to previous trading session to with a total of 5,578 lots traded in the market. FKLI opened higher as Dow Jones index was settle almost 3% higher as compare to previous trading sessions while Nikkei further encourage for higher opening by trading around 260 points point as compare to previous trading sessions.
FKLI tested low of wave 1 count at 1322 regions during open for trading and soon trading lower followed by consolidation for the entire trading sessions within range from 1315 to 1319 regions which coincidently same levels at 38.2% Fibonacci support levels at 61.8% Fibonacci resistance levels. Technically, FKLI still seen uncertain on this rebound wave has been completed where only confirmation support levels seen at 1304 and 1298 regions while higher resistance levels were expected around 1326 and 1338 regions.