FKLI Daily Commentary for 3rd Aug 2010

FKLI July Futures contract traded 13 points higher to close at 1367 levels as compare to previous trading session to with a total of 4,518 lots traded in the market. FKLI opened higher upon open for trading sessions as Dow Jones futures electronic trading was traded higher while most of the regional indices were traded higher, hence indirectly fueled our market trading north.
FKLI basically traded within rectangular formation during intraday trading with support seen at 1364 levels while resistance levels were seen at 1368 regions. Technically, FKLI seems holding well during trading sessions with support seen at 1354 and 1350 regions. FKLI would encounter some resistance levels at 1371 and 1379 regions based chart pattern of previous triangle formation where objective price seen at 1371 regions while 1379 was 78.6% Fibonacci resistance levels in the daily price chart.