The Benchmark KSE100 index had created a bearish engulfing pattern on daily chart after facing rejection from a descending trend line and a strong horizontal resistant region during last trading session. Index have closed below its major supportive region of 46,900pts on daily and weekly charts therefore it's expected that it would face some serious bearish pressure in coming days. For current trading session it's expected that index would open with a negative gap and it would try to target 46,400pts where its being supported by a rising trend line along with a strong horizontal supportive region initially while closing below this region would call for 46,150pts and 46,000pts. It's recommended to stay on selling side with strict stop loss of 46,900pts. Currently hourly and daily momentum indicators are in bearish mode and these would add some serious pressure on index if it would succeed in closing below 46,400pts.
Regional Markets
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