KSE100 barfing 22 Nov. 2023

KSE100 Index "be careful"
The KSE100 index is currently navigating within a bullish price channel, poised for potential expansion. However, a resistant trend line, notably at 57750pts at the previous week's high, is influencing its upward trajectory. Traders are advised to exercise caution in proximity to this level.

The immediate resistance is anticipated around 57750pts, and a breakthrough above may signal a shift towards 58400pts. At this juncture, the index encounters resistance from the bullish price channel's trend line, warranting careful consideration during trading activities. Conversely, a bullish breakout above 58400pts could pave the way for a surge towards 60000pts in the near future.

Incase the index face rejection around 57750pts or 58400pts, it could trigger downward pressure. Supportive regions at 57000pts and 56700pts would come into play. A sustained decline may lead the index towards 56100pts and 55750pts, where it aims to establish a foothold.