JS Securities Limited - Pakistan Market: Technical Outlook.

Karachi -- May 09, 2019 (PPI-OT)

An Engulfing Bear - look for reversal

The KSE-100 index posted a decline of 596 points to close at 35,035. Volumes stood at 113mn shares versus 65mn shares traded previously. The index is expected to revisit yesterday's low of 34,850; where a fall below will extend the decline towards 34,337, followed by 34,030. However, any upside may face resistance in the range of 35,190-35,435. An Engulfing Bear has occurred in a downtrend which indicates a bullish reversal, however, a confirmation is required. The Stochastic Oscillator has moved up, while the MACD has continued to decline, signaling no...