The Benchmark KSE100 index had moved downward after facing rejection from a horizontal resistant region during last two trading sessions and now it's expected that it would try to establish ground above resistant trend line of its previous triangle which falls at 47,570pts for current trading session. Index would be considered in retesting phase of its previous resistant levels as long as its trading above 47,500pts therefore it's recommended to stay cautious and post trailing stop loss on existing long positions, but breakout below this region would call for 47,350pts and further downward. Meanwhile daily momentum indicators have changed their direction towards bearish side after dark could formation of last trading session therefore it's recommended to adopt wait and see strategy before initiating new long positions for short term trading and once index would succeed in establishing ground above its previous resistant regions then it would be recommended to start adding new positions otherwise index may slide more downward. For current trading session index have resistant regions ahead at 48,000pts which would be followed by 48,300pts and 48,450pts in case of bullish recovery.
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