Bulls made a comeback move on Wednesday: PSX

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Bulls made a comeback move on Wednesday in the last hour of trading session and the benchmark Kse-100 index after marking an intraday low of 41,971 (down by 120 points), finally concluded the session at a level of 41,862.77 with a gain of 518.76 points.

The index registered a higher high and higher low formation on daily chart and closed above its 21 – DMA (41,653), which indicates further upside moves for the index. Considering the current chart pattern, it indicates that Bulls are in position to test the resistive zone, which is defined in b/w 41,950 – 42,080.

A break above 42,080 would instill bullishness towards 42,149 – 42,270 and later on 42,410 would be in sight. Immediate support resides in b/w 41,755 – 41,650. Failure to hold 41,650 would instill liquidation risk to 41,575 – 41,410. Considering the support area, which is defined b/w 41,410– 41,200 we support bulls eyeing 41,950 – 42,080 area & later on 42,149 – 42,270 would be on cards.

Courtesy – AHL Technical    

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