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Friday, January 3, 2020
Week 01-2020 Closing Notes
Because picture speaks a thousand words, we will be posting a visual representation of key details.
Market respected its intraday top and dipped for a healthy correction all the way down to its expected support. Overall, an expected behavior and important for keeping market sustainable.
On Jan 2, (link here) we predicted that market cap is hitting critical levels and exposed to bear attack. Today's dip once again pushed the market cap lower, indicating profit taking.
DoD basis, market cap dropped -27.32 billion PKR intraday however, WoW average posted positive growth of +120.32 billion PKR which goes in favor of bulls.
Looking forward, weekly channel top remains in territory of 43800 +/- 100 points. Another critical event of PIB auction with potential of negative market impact falls on Wed, 8 Jan 2020 (link here).
Jan 2 update (link here) has omitted mention of intraday resistance which is also the channel top for Week-01 owning to last day of trading. This was due to editing oversight. We cannot go back to edit an outdated post but we will make mention here as a patch up.
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...