FKLI Daily Commentary for 23th Aug 2010

FKLI Aug Futures contract traded 1.0 points higher to close at 1390.0 levels as compare to previous trading session to with a total of 4,480 lots traded in the market. FKLI price opened lower for trading as Dow Jones overnight settlement was traded lower while regional indices traded lower in the earlier trading sessions but FKLI soon manage to recover towards north to recover from losing ground.
FKLI price manage to rest on support levels at 1384; 61.8% Fibonacci support levels, in the hourly chart before manage to rebound to test resistance levels at 1393, 78.6% Fibonacci resistance level. Technically, FKLI was expected to trade higher in the coming trading sessions provided support levels at 1384 and 1378 were not violated in the coming trading sessions. However, FKLI must overcome resistance levels at 1397 and 1412 in order for the rally to continue trading higher.