08-30-2010, 09:15 PM
The KSE 100 index failed to climb and sustain above 9,885pts level to reflect
on any follow through to the previous weeks buying. Bears kept the lid on
any attempt of gains as the index closed deep in the red losing 262pts. The
low weekly turnover left the market on its own as the bulls are again pushed
against the wall. The index for the third time will try to break and close below
the crucial support level of 9,444pts on weekly basis, any weekly close below
that is expected to open the flood gates which could potentially force the
market below the psychological level of 9,000pts level.
Strategy for the week: 9,488pts is pivot for the week; the Index slipping below pivot is expected to trigger further selling pressure. The index sustaining
above the identified level may still offer hope of a limited recovery.
on any follow through to the previous weeks buying. Bears kept the lid on
any attempt of gains as the index closed deep in the red losing 262pts. The
low weekly turnover left the market on its own as the bulls are again pushed
against the wall. The index for the third time will try to break and close below
the crucial support level of 9,444pts on weekly basis, any weekly close below
that is expected to open the flood gates which could potentially force the
market below the psychological level of 9,000pts level.
Strategy for the week: 9,488pts is pivot for the week; the Index slipping below pivot is expected to trigger further selling pressure. The index sustaining
above the identified level may still offer hope of a limited recovery.