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
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