Our Pivot: 17947
Our Prefrence: Go for long positions at KSE as long as 17947 is sustained as support with target at 18158 and 18272
Alternative Scenario: Downward breakage of 17947 will call for 17841
NOTE: KSE-100 is moving in bearish sentiment since last three trading sessions and have fullfilled its 61% correction for a shorter term and price cycle of 17819 to 18312 points at 17994. KSE-100 is goint to take a short term rebounce towards 18158 and 18272, closing above 18272 will call for a further bullish move towards 18462. Today’s closing can become a key turning point in KSE-100’s move because if it will close below 1947 (Our Piovt) then 4 days and 9 days moving averages cross will start pushing Key Index towards 17652. for further assistance have a look on my previous mid term analysis report on this link http://noormaier.net/kse-analysis/kse-100-kse-100-weekly-technical-outlook-25-feb-2013/
NOTE 1 (Mid Term) :KSE 100 is getting a strong resistance by a resistant trend line at 18305 which falls on a resistant trend line and is pushing market back towards corrections, KSE-100 is under caution mode for intraday sessions.
–> Intraday Supports and Resistance:
By Noor Maier
For Further Details visit http://www.noormaier.net