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Tuesday, December 17, 2019
The Benefit of Dip - Index Update
Index briefly tested upper band of it's predicted resistance at 42000 and took a steep correction losing one thousand points and hitting 41000 which was previous resistance now acting as support. Index downfall was further accelerated by political noise. Initial rally to 42000 failed to make visible impact on prices of most stocks, which was a warning that correction is due now.
Buyers returned to take benefit of dip, pushing the index towards intraday recovery to close above 52 weeks psychological high of 41700 +/- 100 points. Breaking this physiological barrier before the year close will create further positive waves in investment circle. Looking forward, we expect upside to continue with next intraday resistance falling in the range of 42300 +/- 100.
Market capitalization reduced by -13.86 billion PKR , demonstrating investment outflow from the market on DoD basis.
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...