KSE100: As predicted in our 4th Sep briefing, EMA21 was decisive point. After failing to sustain a breakthrough, bear made a powerful counter strike. 30,350 was intraday support which got shot down quickly by bears.
Looking forward, on monthly chart duration we expect index to test EMA125 (29500 – 29350) once again and failing to hold will expose serious downside. With RSI standing at its lowest, bears do not have much space left. Strategy should be cover shorts at opportunity and start short listing fundamentally strong scrip for long positions. Index behavior at EMA125 will be decision maker.
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