FKLI Daily Commentary for 10th Aug 2010

FKLI Aug Futures contract traded 2.5 points higher to close at 1365.5 levels as compare to previous trading session to with a total of 3,962 lots traded in the market. FKLI opened lower upon open for trading sessions as Nikkei index was traded lower but FKLI soon manage to recover from losses as Hang Seng index and other regional indices manage to recover during trading sessions.
FKLI succeed in attempt to penetrate hourly support trend line seen at 1363 regions while attempt manage to search support at 1358 regions; 78.6% Fibonacci support levels at 1379 regions. Technically, FKLI would trigger further sells activities if traded price fails to penetrate resistance levels at 1369 and 1379 regions. However, FKLI would only be further affirming on bearish sentiment provided support levels at 1355 and 1350.5 fails to hold against the selling pressure.