With the approval of the second loan tranche, which injected $700 million, by the International Monetary Fund (IMF), the Pakistan stock market (PSX) got off to a positive start. After a significant reversal from the 59400 support level, traders are bracing for the next move, pending a verified close above the prior high at 67108. Interestingly, the weekly time frame reveals the subtle strength of the resistance at 67108 and the support at 59400.
Examining the daily landscape, a vast range spanning from 55500 to 67108 unveils a volatile battleground marked by minimal market structure. As the focus narrows to the smaller time frame, a tightening range between 65270 and 59000 hints at potential volatility.
The interplay of a gradual descent and a rapidly falling RSI raises the prospect of an upward shift, contingent on the market establishing clearer structural foundations. This analysis unravels the intricacies of Bitcoin’s support and resistance battle, offering insights into the cryptocurrency’s unpredictable journey between
So as previously mentioned and shown support at 59400 level has now been touched down with a massive bounce. No further movement could be confirmed until and unless there is a close above the previous high at 67108 level.
NOTE: The support at the weekly time frame of 59400 and the resistance at 67108, both are not strong.
The range on the daily time frame is huge between 55500 and 67108 with very less market structure it could be volatile unless one or the other breaks.
On the smaller time frame the range gets a bit tighter between 65270 and 59000 but it doesn’t mean that it won’t be volatile. A slow grind to the downside with a fast falling RSI could indicate a move to the upside however, the market needs to gain some structure before it continues in either direction.
