[Due to health issues, the update is being released late. Further, the blog will now update every Sunday as the required closing data is released on Sunday's]
KSE100 lost another -752.74 points or -1.70% on a weekly closing basis. Although last week's closing had been hopeful, honoring an important benchmark of 45500 +/- as support, the bears gained strength on prospects of another COVID wave and lockdown fears. The market seems to be resetting its cycle and our benchmark index chart has been updated to reflect new support and resistance zones.
The first major support is at 43800 +/- 300 and the second major support is at 42800 +/- 300 with bearish momentum still prevailing. The expectations are to make a double top at its previous high of 47000 +/-300 and then observe the potential for a further breakout.