Karachi, March 12, 2018 (PPI-OT):KSE-100 – Slide to continue; ‘Sell on Strength’
Downward movement continued for the KSE-100 index as it closed at 43,011, down 61 points. Volumes stood at 140mn shares versus 163mn shares traded previously. The index has formed a lower high and lower low that indicates potential for further downside. A fall below Friday’s low may extend the decline towards 42,384, followed by 41,750. However, any upside will face resistance at the 200-DMA standing at 43,328. 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 42,818 and 43,205, respectively.
MCB – Closed below the 200-DMA
Strategy: ‘Sell on Strength’ – targeting Rs194.10; stoploss at Rs213.45.
PSO – Downside target remains intact
Strategy: ‘Sell on Strength’ – targeting Rs285.00 and Rs277.55; stoploss at Rs299.89.