We wish our followers a very happy Eid Al-Adha 1442.
Looking at the bourse, another re-test of pivotal resistance at 48100 +/- 100 is expected, and with holidays ahead not much can be said. Looking forward, August futures will open with an addition of 60 and 90 days contracts which should smoothen the short-term volatility and provide more long-term swings. Overall, we remain upbeat on the market with a buy-on dip strategy. All major support and resistance levels are marked on the chart below.
Average weekly capitalization remained flat and closed at a negligible loss. We attribute this behavior to holiday-oriented profit-taking. The week ahead has much of its trading days off.