As already explained several times that it won't be easy for the index to break above this congestion/consolidation range which has been going for almost six months now.
Since 80% Breakout attempts fail so all attempts by KSE100 to breakout of this range have failed so far. There seems to be lot of Supply/selling ,in the zone between 1,18,800 and 1,20,800 which compels the market to retreat.
Until all overhead Selling/supply is not absorbed by the buyers index won't start its journey to next measured move around 1,33,000.
In case of repeated rejection in next few days at current levels market can revert back to lower limits of this consolidation range around 1,05,800.
Cautious buying and adherence to SL is highly recommended
Since 80% Breakout attempts fail so all attempts by KSE100 to breakout of this range have failed so far. There seems to be lot of Supply/selling ,in the zone between 1,18,800 and 1,20,800 which compels the market to retreat.
Until all overhead Selling/supply is not absorbed by the buyers index won't start its journey to next measured move around 1,33,000.
In case of repeated rejection in next few days at current levels market can revert back to lower limits of this consolidation range around 1,05,800.
Cautious buying and adherence to SL is highly recommended
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.