FKLI Daily Commentary for 20th Aug 2010

FKLI Aug Futures contract traded 3.5 points higher to close at 1389.0 levels as compare to previous trading session to with a total of 6,964 lots traded in the market. FKLI opened higher for trading as regional indices were traded higher during earlier trading sessions but profit taking soon come into picture after FKLI were traded almost 10 points higher as compare to pervious trading sessions.
FKLI price surge higher after found support levels at 1377; 78.6% Fibonacci support level, in the preiovus trading sessions before FKLI was traded higher to reach high at 1395.5; 161.8% Fibonacci resistance level, in the hourly price chart. Technically, FKLI seems undergoing minor correction wave 4 where critical support levels at 1384 and 1377; 61.8% and 100% Fibonacci support level, were not violated in the coming trading sessions. However, FKLI must be capable to overcome resistance levels at 1395.5 and 1400 in order further affirm uptrend remain strong to thrust higher in the coming trading sessions.