Karachi, January 09, 2018 (PPI-OT): Momentum Approaching Resistance Zone
The benchmark PSX continues to recover for the thirteenth consecutive session approaching the 38.2% retracement of last intermediate decline at 43,615 level. The minor averages system (5, 10 and 15 day) remains in a bullish mode with the 14-day RSI (77.12) nearing a bull market oscillation resistance between 80 to 90 readings. Further strength above 43,615 level can face some headwinds due to overbought daily momentum readings, however overriding theme will still remain bullish for 45,700 and 47,248 levels. The ichimoku cloud support between 41,449 and 40,424 levels is seen providing cushion to any corrective move.