PSX index outlook

A bullish formation of higher high & higher low was registered on the daily chart & concluded the session with a positive number, reflecting the continuation of the current bullish momentum. The immediate hurdle for the index is between 48,870 – 48,998. Should the said levels be taken out, impulsion towards 49,110 – 49,230 & later on 49,450 would be on the cards.

Risk of downside will be triggered on a close below the newly formed supportive range of 48,470 – 48,330. With immediate support, being defined at 48,330, a move below the same can potentially trigger a deeper correction and may bring down the index towards 48,100 – 47,950. Considering the chart pattern, there is still rising power in the index, which can help bulls gain further territory towards 48,870– 48,998 & later, 49,110 – 49,230 marks would be on the cards.

Courtesy – AHL Technical

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