The index has carved a new bottom at 43000 +/- 300 and a pivot at 45800 +/- 100. These levels are higher highs indicating a potential of the index reaching a new high for its final rally. The chart below still indicates the same old levels but after a confirmation during the week ahead, it will be updated. A potential downside risk is a speculation on the SBP policy rate hike. However, the mixed signals from global markets and the resurgence of COVID may alter the course. The majority of expectations are towards a hike or stability. It would be really surprising if the rate is cut instead. A major disappointment has come into the market after the failed software rollout and investment confidence is badly hurt, which is portrayed in the slow recovery of the bourse as an investor remains cautious after a traumatizing experience. Looking forward, we expect recovery to continue. Dips can be buying opportunity, the bourse direction hangs in a balance with bulls and bears exerting an equal force. The week ahead is an interesting one indeed.
Commentary on Pakistani Stock and global commodities. Views expressed are own and does not constitute investment advice. Past performance is not indicative of future performance. Use information presented here at your own risk. No liability or responsibility accepted. For any direct queries email to ksepsx@gmail.com
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Saturday, November 20, 2021
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Technically speaking, 42800 +/- 300 is proving to be a firmly held bottom but overall bears refuse to surface. The major trend remains side ...
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The week started off with the COVID-19 Omicron variant washing global markets into deep red, causing the index to briefly hit its second ma...
Neat chart , i always copy chart and try to make just like u made.
ReplyDeleteAlso satisfing to know that market will make new high
Healthy insights 👌🏻
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