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Sunday, February 16, 2020

Week 07-2020 Closing Notes

Index posted resistance from our predicted range and remained correction bound for entire week. 

WoW basis, average market capitalization has continued to shrink subsequently for last four weeks. This does not represent a good sign for long term. 

Looking forward we expect market to remain under pressure and keep posting consolidation until healthy accumulation is achieved. Interim resistance and channel top remain valid as posted earlier ( link here )

Fear persist that index may once again hit the curse of 40900 +/-100 sideways resistance as mentioned here.

Major events falling ahead are PIB auction on 19 Feb and MTB auction on 26 Feb. Both of these events pose a risk of liquidity drain from the market.  

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