Tech Beat: KSE-100 bounces from 50% Fibonacci level - Is a Bottom Forming?

September 05, 2023 (MLN): KSE-100 Index currently faces resistance at the 46,000 level, however, if it breaks and finds acceptance above this level, there is a possibility that the previous low of 44,500 could shape up as a bottom, especially considering it is also the 50% Fibonacci retracement level.

KSE-100 bounces from 50% Fibonacci level

However, a significant hurdle lies ahead at the 47,000 level, which has proven to be a pivotal point in the past.

Given some positive news inflows, it is advisable to reconsider short positions. No selling/short positions are recommended near the 46,000 level if there is no sign of weakness.

Monitoring price movements and practicing risk management strategies should remain a top priority for market participants.

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KSE-100 Daily time-frame chart

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