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

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By Abdur Rahman | September 05, 2023 at 12:00 AM GMT+05:00

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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

Support Levels
45,500 44,500 43,500
S1 S2  S3
Resistance Levels
46,000 47,000 49,000
R1 R2 R3

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.


Foreign and Local Investors Portfolio Investments

Amount in USD

KSE-100 Daily time-frame chart


Disclaimer: The opinions in this article are the author’s and do not necessarily represent the views of Mettis Link News (MLN). Nothing in this article should be considered the sole basis for making financial decisions.

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