JS Securities Limited – Pakistan Market: Technical Outlook

Karachi, February 21, 2018 (PPI-OT):Moving averages to restrict upside; ‘Sell on Strength’

The KSE-100 index extended the decline to close at 43,295, a loss of 278 points. Volumes stood at 170mn shares versus 127mn shares traded previously. The index is expected to revisit yesterday’s low of 42,865; where a fall below may extend the decline towards 42,543. However, any upside is likely to face resistance at 43,589 (yesterday’s high), followed by the 200-DMA at 43,819. The RSI and the MACD have continued to decline, supporting a negative view. Investors are recommended to ‘Sell on Strength’, keeping stoploss above the 200-DMA. The support and resistance are at 42,888 and 43,705, respectively.

AICL – Closed below the 30-DMA

Strategy: ‘Sell on Strength’ – targeting Rs54.06; stoploss at Rs56.89.

PTC – Downside likely

Strategy: ‘Sell on Strength’ – targeting Rs11.60; stoploss at Rs12.59.

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JS Securities Limited – Pakistan Market: Technical Outlook

Karachi, February 21, 2018 (PPI-OT):Moving averages to restrict upside; ‘Sell on Strength’

The KSE-100 index extended the decline to close at 43,295, a loss of 278 points. Volumes stood at 170mn shares versus 127mn shares traded previously. The index is expected to revisit yesterday’s low of 42,865; where a fall below may extend the decline towards 42,543. However, any upside is likely to face resistance at 43,589 (yesterday’s high), followed by the 200-DMA at 43,819. The RSI and the MACD have continued to decline, supporting a negative view. Investors are recommended to ‘Sell on Strength’, keeping stoploss above the 200-DMA. The support and resistance are at 42,888 and 43,705, respectively.

AICL – Closed below the 30-DMA

Strategy: ‘Sell on Strength’ – targeting Rs54.06; stoploss at Rs56.89.

PTC – Downside likely

Strategy: ‘Sell on Strength’ – targeting Rs11.60; stoploss at Rs12.59.

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