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Friday, April 17, 2020
Week 16-2020 Closing Notes
KSE100 has successfully breached its second benchmark resistance of 32400 +/- 100 and sustained a closed above it as mentioned in previous update (link). 33600 +/- 100 remains the last resistance level waiting to be broken. On the lower side support falls in the range of 31800-31400 +/- 100. This would be a previous resistance range now acting as support.
Capitalization wise index has posted a high intraday gain but the weekly average remains neutral. This is a cause of concern as it hints towards possible market saturation.
Looking forward, we expect some correction to happen in due course and advice to protect profits. All upside shall be treated cautiously since the index is still trading below its daily MA/EMA 200. Closing and trading above 36300 +/- 300 required to be considered a strong bull market.
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