Elixir Grid - KSE100: Moving Above an Ascending Line
The benchmark KSE 100 Index is setting up new momentum with higher highs and higher lows defining a rising pattern on daily time interval. It seems that the bulls re-emerged in numbers last week after the reversal signal was formed around cluster support area (refer: Elixir Grid dated 28/5/18). Index is now moving above an ascending line connecting the recent lows of the price action. Moving forward, the outlook stays positive with 42,750/575 levels intact. On upside a break above nearby resistances at 42,970/ 43,060 would unlock further upside to the levels of 43,540 and 43,700 next. This area coincides with a descending resistance which could limit the upside in the first attempt. Sustained progression above this area would further strengthen the bulls towards the next resistance at 44,472 (161.8% projection of 41,453 to 43,060 from 41,872).
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