JS Securities Limited - Pakistan Market: Technical Outlook.

Karachi -- November 13, 2018 (PPI-OT)

An Engulfing Bear; stay cautious

The KSE-100 index posted a loss of 293 points to close at 41,096. Volumes stood at 178mn shares versus 220mn shares traded previously. The current formation is an Engulfing Bear, which indicates a corrective trend ahead. Moreover, the RSI and the MACD have moved down, supporting the above view. A break below 41,053 (yesterday's low) will target the 50-DMA at 40,253. However, a break above 41,572 will invalidate the above view and uptrend will continue with 42,581 in sight. Investors are recommended to...

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