Elixir Grid - KSE100: Recovery Anticipated from Current Region
The benchmark KSE100 Index faced a prolonged period of selling ever since breaking below 45,122 level earlier this month. In doing so, a particularly oversold stance has been achieved which is now prone to a recovery. A sharp pull back witnessed on last Tuesday followed by a spike towards 43,060 level intraday, slightly above our detected target of 42,900, was an ideal illustration. On a bigger time frame, as the weekly chart shows, Index has formed an ‘Inverted Hammer’ candlestick formation above the cluster support (a long-term descending resistance-turned-support at 41,600 now). This particular candlestick pattern, when found at the lower end of a price swing, usually but not always, precedes a reversal in the trend. Moving forward, ability to hold above nearby supports at 41,600/ 450 maintains a bullish bias on weekly charts. On upside, a break above nearby resistances at 42,366/450 would unlock further upside to the levels of 43,060 and 43,560 next.
Elixir Securities Pakistan is a Corporate Member of the Pakistan Stock Exchange & Pakistan Mercantile Exchange and is one of the leading securities brokerage & investment banking firms in Pakistan, established since 1994. Our principal business activities include all aspects of Pakistan’s Capital Markets covering Securities Brokerage (Equities, Fixed Income and Commodities), Corporate Finance & Capital Markets Advisory (M&A, ECM, DCM) and Investment Research (Economics & Securities). We are one of the most active & aggressive Broker-Dealers in Pakistan executing trades for most of the Top 20 Global Brokers with unmatched corporate access credentials and have successfully advised and closed on some landmark ECM transactions in the history of Pakistan including the largest deal in frontier Asia (USD 1.02 billion). Our Clients include foreign and domestic financial institutions (Banks, Asset Managers, Insurance Companies, Pension Funds) corporates, HNWI’s and retail investors. This is supported by a very strong and independent research capability, which is quoted regularly in both local and international media.
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