On Wednesday, a negative session was witnessed in the local stock market of Pakistan, and the benchmark Kse-100 index declined by 100.14 points to close at a level of 44,337.56.

The index has registered a lower high or low and close with negative numbers, indicating further downside moves for the index. However, bulls are likely to feel their presence in 44,110 – 43,935 (a reversal is expected from the said range).

Should the market fail to pull back and decline past the said risk level, we believe the market would then nose dive towards the next support area, defined in b/w 43,700 – 43,550. Any upside move from here would face resistance in b/w 44,419– 44,550, and a strong move above 44,550 would help the Bulls to continue the rally towards 44,651 – 44,716.

Courtesy – AHL Technical