Karachi, October 15, 2018 (PPI-OT): KSE100 – Bears in Complete Control
The benchmark KSE 100 Index retained its downside pressure selling off strongly last week. After violating its nearby support at 39,000 level the Index nosedived to 37,517 on close, slightly below our bearish projected target (refer: Elixir Grid dated 05/10/18). In doing so, a particularly oversold stance has been achieved on the daily time interval which is now prone to a recovery higher. In such a case, the Index could climb to the levels of 37,851 and 38,127 next, in order to relieve the indicators, but these inclines should be treated as normal corrections which will not cancel the long-term bearish structure.
Conversely, a continued drop below 37,500 would turn attention to the next supports at 36,500/ 200 levels. Further down, a cut through here would be a sign of further bearish correction towards 38.2% Fib of 4,781 to 53,127 larger ascend or 34,657 level.