Search This Blog

Sunday, May 24, 2020

Week 21-2020 : Chaos Before Holidays

Note: There is no week 21-2020 mid update since the trading week was short by one day due to the Eid 2020 Holidays. 

A turbulent trading week closed in the negative, owing to profit booking due to longer than expected Eid Holidays ahead. 34100 +/- 100 once again came into play as an intraday resistance and gave a mild rejection. While looking forward, we expect the consolidation to continue keeping KSE100 under the elastic effect of bouncing between support and resistance. 33600 +/- 100 is expected to be tested once again as support while 34800-35500 +/- 100 retains their crown as channel top (for time being).

Weekly average capitalization showed strong growth of +109.50 PKR/Billion and the overall week remained as compared to previous one.