Strategy for today in KSX

The index traded inside the previous candle registered a higher low & lower high while concluded the session with positive number. Immediate support stands in b/w 42,930 – 42,706 which is also our immediate risk level.

Any strong move below the support area will provide strength to bears and open-up the room for further decline towards 42,601 – 42,470 and later on 42,300 – 42,200 would be on cards.

We see this support as a critical area to close below for any broader downside to set in. On the other side any upside move from here would, face strong resistance in b/w 43,160– 43,356 and strong move above 43,356 would help the Bulls to continue the rally towards 43,578 – 43,649. It is suggestible to trade with risk below 42,200, sighting 43,160 – 43,356 and later 43,578 – 43,649 level.

Courtesy- AHL Technical

Posted in PSX.

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