Morning Market Brief 15th jun. 2021

The Benchmark KSE100 index had faced rejection from a resistant trend line during last trading session while it was trying to expand its previous bullish correction on hourly chart, meanwhile a strong resistant trend line is trying to cap current bullish sentiment. As of now it's expected that index would face major resistance at 49,050pts where 61% expansion of its last correction would also complete along an ascending trend line. Meanwhile hourly momentum indicators have generated bearish crossovers which indicates that index may start a correction on intraday basis, therefore it's recommended to stay cautious and post trailing stop loss on existing long positions because if index would succeed in sliding below 48,600pts then selling pressure would start piling up which may push index initially towards 48,450pts and breakout below this region would call for 48,000pts. In case index would gave a daily closing below 48,500pts then current breakout above 48,660pts would be considered as a false penetration and index would move further downward for a deeper correction. While daily closing above 49,050pts would instigate fresh buying volumes and index would start moving towards its next target at 50,300pts.

 

BoI launches online platforms to assist investors

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