JS Securities Limited – Pakistan Market: Technical Outlook

Karachi, June 22, 2018 (PPI-OT): KSE-100 dropped below the 200-DMA; ‘Negative’

Bears continued to dominate the session as the KSE-100 index lost 644 points to close at 42,359. Volumes stood high at 242mn shares versus 136mn shares traded previously. The index has dropped below the 200-DMA indicating potential for further downside. The next target has been established at 41,458, which could later extend to 40,360. However, any upside will face resistance at 42,619 (200-DMA). The MACD and the Stochastic Oscillator have continued to decline, supporting a bearish view. Investors are recommended to view any upside as an opportunity to ‘Sell’, with risk defined above the 200-DMA. The support and resistance are at 42,110 and 42,609, respectively.

OGDC – Dropped below the 200-DMA

Strategy: ‘Sell on Strength’ – targeting Rs154.49; stoploss at Rs161.48.

HBL – Bearish crossover expected

Strategy: ‘Sell on Strength’ – targeting Rs155.07 & Rs148.94; stoploss at Rs172.00.

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JS Securities Limited – Pakistan Market: Technical Outlook

Karachi, June 22, 2018 (PPI-OT): KSE-100 dropped below the 200-DMA; ‘Negative’

Bears continued to dominate the session as the KSE-100 index lost 644 points to close at 42,359. Volumes stood high at 242mn shares versus 136mn shares traded previously. The index has dropped below the 200-DMA indicating potential for further downside. The next target has been established at 41,458, which could later extend to 40,360. However, any upside will face resistance at 42,619 (200-DMA). The MACD and the Stochastic Oscillator have continued to decline, supporting a bearish view. Investors are recommended to view any upside as an opportunity to ‘Sell’, with risk defined above the 200-DMA. The support and resistance are at 42,110 and 42,609, respectively.

OGDC – Dropped below the 200-DMA

Strategy: ‘Sell on Strength’ – targeting Rs154.49; stoploss at Rs161.48.

HBL – Bearish crossover expected

Strategy: ‘Sell on Strength’ – targeting Rs155.07 & Rs148.94; stoploss at Rs172.00.

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