Karachi, September 12, 2017 (PPI-OT): Consolidation to continue; stop buying below 41,062
Another range bound session for the KSE-100 index as it closed at 41,127, down 274 points. Volumes stood at 95mn shares versus 141mn shares traded previously. An Engulfing Bear has occurred, which in a downtrend indicates a bullish reversal. Meanwhile, a fall below yesterday’s low will resume the downtrend with 40,257 in sight. However, any upside will face resistance in the range of 41,245-41,555. The RSI has moved down, while the MACD has improved, supporting a neutral view. JS Securities Limited recommends investors to stop buying below 41,062. The support and resistance are at 40,874 and 41,381, respectively.
ATRL – Trading above the 30-DMA and the 50-DMA
Strategy: ‘Buy on dips’ – targeting Rs396.38; stoploss at Rs362.49.
PSO – Bullish crossover expected
Strategy: ‘Stay ‘long’ above Rs430.33’ – targeting Rs449.45 and Rs475.00.