JS Securities Limited – Pakistan Market: Technical Outlook

Karachi, July 11, 2018 (PPI-OT):KSE-100 – Recovery expected; Buy above 39,570

The KSE-100 index, after making a low of 38,561, recovered to close at 39,453, up 164 points. Volumes stood at 168mn shares versus 124mn shares traded previously. The index is expected to revisit yesterday’s high of 39,570; where a break above may initiate the recovery trend with 39,927 and 40,771 as the upside target. However, any downside is likely to find support at yesterday’s low; where a fall below will invalidate the recovery view. Meanwhile, the RSI and the Stochastic Oscillator have taken an upturn, suggesting a recovery trend ahead. JS Securities Limited recommends investors to ‘Buy’ above 39,570. The support and resistance are at 38,854 and 40,061, respectively.

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