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Saturday, May 9, 2020

Week 19-2020 Closing Notes

Looking back at our previous updates (link-1link-2 ) KSE100 has continued to face rejection midway, before hitting its predicted major resistance of 34800 +/-100 and is likely going through a change of hands between sectors. On the bottom side, 33600 +/- 100 support is already broken and 32400 +/- 100 is yet to be tested. We carry forward our stance from the previous update that a moderate dip is necessary to act as a refresher and recharge the bulls for next rally. Overall KSE100 appears to be doing well and will make a strong resurgence after the correction phase is over. 

Intraday market capitalization went up by meagre +9.12 PKR/Billion but weekly average shows strength with a gain of +143.61 PKR/Billion. 

Happy trading!

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