JS Securities Limited - Pakistan Market: Technical Outlook.

Karachi -- November 11, 2019 (PPI-OT)

Indicators overbought; stay cautious

The KSE-100 index extended the gain to close at 35,978, up 220 points. Volumes stood at 211mn shares versus 266mn shares traded previously. The index is likely to revisit Friday's high of 36,049 where a break above will extend the gain towards 36,434. However, any downside will find support at 35,759, followed by the 200-DMA at 35,302. Meanwhile, the RSI and the Stochastic Oscillator are overbought, hinting a limited upside. JS Securities Limited recommends investors to stay cautious on the higher side...