Elixir Securities Limited – Elixir Grid

Karachi, October 17, 2016 (PPI-OT): KSE100 – Aiming New Highs

The bench mark KSE100 Index was previously trading inside a rising wedge consolidation pattern visible on its weekly time frame before making a break higher. Sustained progression above 41,250 in the following week would indicate that buyers are taking control of price Action and that further gains are likely. The wedge patterns pans nearly 2,600 points so the resulting up trend could last by the same height driving the bench mark Index to 43,800/900 level sorat least up to the 42,500/ (50% of the projection level). On the flipside, an unlikely decline below 41,170 would again construct a corrective wave towards 40,970/760 levels.