FKLI Daily Commentary for 12th Aug 2010

FKLI Aug Futures contract traded 8.5 points lower to close at 1347.5 levels as compare to previous trading session to with a total of 6,237 lots traded in the market. FKLI opened lower for trading and continue trading lower during trading sessions as most of the regional indices were plunge lower with Nikkei index plunge more than 2%, Shanghai Index plunge 1.5% as the major leading indices.
FKLI plunge lower after long consolidation around 1351 to 1355 regions before trading lower towards next support levels at 1345 regions; 61.8% Fibonacci support levels. Technically, FKLI seems encounter some buying interest around support levels at 1345 and 1337 regions. FKLI would trigger further selling activities once support levels seem fails to hold trading price above support levels. On the contrary, FKLI trading price would encounter some degree of resistance around 1354 and 1362 regions.