KSE100 UPDATE

As discussed in previous posts, KSE100 is facing heavy overhead supply at resistance levels between 1,18,500 and 1,20,800.
Till all overhead supply/selling is not absorbed by buyers, the index cannot breakout of this 6 months long consolidation phase.
Today's performance by the index is indicative of the fact that index has managed to absorb most of the overhead supply and is ready to break the shackles and move to next target of 1,33,500.
In lower portion of the chart1H shows index steadily absorbing the supply and moving in skyward trajectory.
Though the odds have now tilted to breakout rather than reversal to lower levels but caution mustn't be thrown out of the window by reckless buying
If the index is to breakout to new heights, it will have to do it with heavy weights who have not moved upwards yet
Noteworthy are

EngroH, Efert, Steel sector, Pharma, Refinery

It's time for sector and stock shifting because the stocks which dominated to index recently have mostly reached near their potential/resistance areas