KSE-100: Week 24-2020 Mid Update

KSE-100 successfully break through our first benchmark of 34800 +/- 100. Now it must sustain above this to take out next upside resistance of 35500 +/- 100. Any potential dip for correction will find support at 34800 +/- 100 (previous resistance acting as support). While upside target remains intact at 35500 +/-100 and 36300 +/- 300 is retained at channel top indicated several weeks ago. A break and sustain above the channel top will unleash the major bull momentum. But we are not too optimistic and expect one major corrective move before any breakthrough can be expected. 

Initial analysis (link-1) indicating 36300 +/- 300 as a return of major bullish momentum first appeared in week 12-2020 publication. We have not backed down from our stance since then. 

Intraday KSE-100 capitalization has sustained above its previous week average which signifies strong bullish momentum. 

Major events to have an impact on the bullish rally are MTB and PIB auctions as covered here: MTB & PIB Auction Calendar (2020). A dedicated page has been set up for the auction calendar to better keep track of.