FKLI Daily Commentary for 17th Aug 2010

FKLI Aug Futures contract traded 8.0 points higher to close at 1369.5 levels as compare to previous trading session to with a total of 5,028 lots traded in the market. FKLI opened lower for trading as regional indices and Dow Jones Futures were traded lower in the morning but soon manage to recover and traded higher as Shanghai Index were traded higher while Dow Jones Futures electronic trading turn green during trading sessions.
FKLI price continue to surge higher during trading sessions after reached support levels at 1355.5 regions; 38.2% Fibonacci support levels in the hourly price. Technically, FKLI continue to surge higher after wave 4 count to complete at 1355; 38.2% Fibonacci support levels before launch wave 5 where 1370 view as 61.8% Fibonacci resistance levels. FKLI would expected to trade higher in the coming trading sessions provided support levels at 1361 and 1355 levels were not violated during trading sessions while preferably traded price trading above resistance levels at 1370 and 1379 regions.