PAKISTAN STOCK EXCHANGE (KSE100) Index
Today I picked KSE100 on request of colleagues. As you know KSE relate with different factors especially foreign investment. Foreign Direct investment is related to political and economic stability of the country.
No doubt fundamentals are essentials but we cannot rule out technicals too. Keeping in view at the moment we pick this chart for pure technical basis.
If you look at weekly chart, market is moving in up trend in Red wave [I] which already composed of 5 green waves and in my opinion top might be placed @ 50886. To confirm this we need couple of days to watch clear correction in Red wave II. Daily closing above this level will lead to 52500 as next and final target but odds are low.
If correction in Red wave II form simple zigzag (which is most probably) then price will retrace up to 20000 or even lower before rally will start in red wave III.