The Benchmark KSE100 index have created an evening shooting star on daily chart after facing rejection from horizontal resistant region during last trading session, meanwhile 61.8% correction of its last bullish pull back had been completed on hourly chart. As of now momentum indicators are losing strength on daily chart, it's recommended to stay cautious and post trailing stop loss on existing positions because index needs confirmation of current evening star by closing below 46,600pts otherwise this formation could convert into cheat pattern. For current trading session index seems to open with a negative note and it may extend its day low towards 46,640pts initially where it would try to establish ground above a strong horizontal supportive region but breakout below this region would call for 46,400pts and 46,200pts. While on flip side in case of reversal index would face initial resistance at 47,065pts which would be followed by 47,300pts. Overall index would remain under pressure until it would not succeed in closing above 47,730pts. Today's closing below 46,600pts would not only provide confirmation of daily evening star that would also gave a clear breakout of its previous strong supportive trend line as well therefore it's recommended to take that region as pivotal value to cut and reverse existing positions.
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