Technical Forecast for July 27th - 31th, 2009
By
Khalid Saifuddin
Sunday July 26th, 2009
Gear up for some more Pressure
Do not short on Monday
Hi Folks:
As I said earlier market is trading close to its highs, now the Bears got 65% control of the market, for last 2 weeks I was informing you guys, that I am not convinced for any strong bullish continuation. Most of the traders think the monetary policy is the major cause of the Friday pressure, but here I do not agree, well the rescheduling of the date of monetary policy can only make market more volatile that’s all.
Market is very accurately following its technical. Now I will call all traders to gear up for more pressure in market and buy new positions on given supports. (For more precise supports for intraday traders please call our office) I will suggest traders to watch our for any foreign selling this week, the past week FIP added more positions to their portfolio which is the only positive sign for the market
and if this will supported by some development in political and economic news will get market into its new channel which is already
initiated but not confirmed yet. Buying on Friday low can profit this week. We can experience some low volumes this week.
Key Levels for this week (Please call for intraday Key levels)
R 2 7931
R 1 7864
S 1 7725
S 2 7526
Recommendations: Target your buying on support level. It is recommended to short/immediate offload on certain scrip for now
Recap: As per my last week analysis and last couple of morning calls I strongly suggested offloading remaining positions, Now I congratulate all those who did that; luckily we got a great opportunity on Thursday to offload on amazing high. The whole week we experienced the market was controlled by the sellers. In my Friday call I predicted the negative 140 points which comes true by having low of 7732. Market only rose by 0.25% this week. So profit taking is proved once again right?
For precise KEY LEVELS and further analysis for any KSE scrip
Please Call 0345-276 8680 or 021-432 2359
We cater with live calls to our exclusive clients
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.
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