Karachi Stock Exchange - Sept, 2009

Technical Forecast for KSE-100
For Last week of Sept, 2009

By
Khalid Saifuddin
Saturday Sept, 26th 2009

Hi Folks:
Wow last couples of days in fact couple of weeks were amazing, nobody was expecting this much gain in the market. Market achieved 2487 points which is 34.65% from July first to 25th September. Foreign buying played a vital role in above said development. Now the aggressiveness of bulls getting low and it is about to loose their control on market.
The trend of the market is still bullish, though the correction is due. And remember correction does not mean the Bearish trend it is always a healthier sign for the market. The last day of the week was very much volatile where market try to take its utmost correction for the day, so the Friday low was very close to the first bouncing line and now onwards we could expect the second possibility of bouncing at 9512.
I appreciate all those traders who followed our off loading call on Thursday and Friday, now we like our traders to wait for a better buy. Market already absorbs most of the dollars by trading on upper limits of the channel, and now I don’t see any excitement because of the foreign investment.
Key Levels
9933
9718
9633
9445
Caution
No Excitement off load your positions without panic

Market Last Week:
Now the aggressiveness of bulls getting low and it is about to loose their control on market.
The supporting trend line of the market is still bullish, though the correction is due. Monday closing above 9128 will be the bullish continuation and later it will add more energy to the bulls, Closing below 8915 brings more disaster to the bulls, and it appreciates the bears for few days. Whoever off load position on this week high will be the winner.
I recommend my traders and investors to start getting out of the market here

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Disclaimer: This commentary is not a recommendation to buy or sell, but rather a guideline to interpreting the specified indicators. This information should only be used by investors who are aware of the risk inherent in securities trading. We accept no liability whatsoever for any loss arising from any use of these levels. However the author DOES NOT GUARANTEES the accuracy of information provided on this report and is NOT RESPONSIBLE FOR ANY ERRORS AND/OR OMISSIONS.