A lackluster week closed with a gain of +119.15 points or just +0.3% but a signal is starting to resonate for a weak bullish comeback. Support and resistance remain valid as marked on the chart below. We look forward to selling on strength stance for the week ahead and will refrain from fresh buying until the dust settles.
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Sunday, April 18, 2021
KSE100 - Week 15-2021: Another Lazy Week and Happy Ramadan 1442A.H
After heavy negative spells, the week emerged with an average gain of +89.04 Bn/PKR growth in the market but still remains below the 8000+ Bn/PKR critical benchmark. This is more or less a hard resistance to market capitalization for foreseeable future. Although the linear trendline is now showing a strong cross over its long-term horizontal resistance, we all understand that markets do not have a linear relationship. Therefore, what the trendline may show is a matter of observation over time. During the week SBP injected 166.65 Bn/PKR for one day and 1975.05 Bn/PKR for seven days via OMO injections. Whereas a critical event ahead is the MTB auction on 21-Apr. Fingers crossed and hoping for the best!
We wish our followers a very happy Ramadan 1442 and if you enjoyed reading this update, let us know in the comments sections below.
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