KSE-100 blasted past its intermediate resistance to close higher with all indicators in bullish momentum. We expect the climb to hit its channel top and result in two possible outcomes.
Scenario 1: Correction shall be witnessed from the channel top, with the dip testing one of its previous resistance of 34700-34200 +/- 100 as support. Failing to honour this support may cause further break down.
Scenario 2: Index will break past the channel top and hit its midpoint at 33600 +/- 300. A sustained break above 33600 +/- 300 is required to unleash major bullish momentum. Last time index broke through its midpoint in Sep-2019, it triggered a massive bull rally lasting 125 days and gaining 12500 points - a spectacular 40% rise in the index points. We shall witness what it brings this time.
DoD market capitalization stands higher than the average of the outgoing week, representing renewed investor interest and growing money flow. Ban on institutional investment into NSS schemes (Institutional investment in savings schemes banned) is positive for raising money flow into the equity market. As at least part of the money retired from NSS may find its way into equities over mid to long term.
Keep eagle eyes on the index with bull hit predictions master.🎯
ReplyDeleteKeep eagle eyes on the index with bull hit predictions master.🎯
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