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Tuesday, December 10, 2019
KSE 100 - Index Update 10 Dec
Market continued to post resistance at 40500 +/-100 during the first half, which was yesterday's support turned into resistance today. Until it dropped to our expected second support as 40300 +/- 100, testing this zone twice and showing healthy consolidation with renewed buying interests. From here onward, index gained strength and began its upward trajectory once again, breaking intraday resistance at 40500 +/-100 to make a healthy close. Looking forward, we expect to hit 52 weeks high as channel top. However, 40900 +/- 100 remains a strong multi-tested resistance where index has faced multiple rejection already. Failing at another attempt could unleash bad spell on the index and it may sink whole lot deeper in red.
Technically speaking, 42800 +/- 300 is proving to be a firmly held bottom but overall bears refuse to surface. The major trend remains side ...
The week started off with the COVID-19 Omicron variant washing global markets into deep red, causing the index to briefly hit its second ma...