JS Securities Limited - Pakistan Market: Technical Outlook.

Karachi -- June 08, 2021 (PPI-OT)

KSE-100 - Bullish momentum halted! Stay cautious

The KSE-100 index failed to sustain its intraday high of 48,633 and slid to close at 48,303 (+91 points). Volumes stood at 936mn shares versus 867mn shares traded previously. A long upper shadow has occurred which in an uptrend indicates a bearish reversal. The RSI is overbought and the Stochastic Oscillator has generated a Sell signal, hinting a short term correction ahead. Meanwhile, a break above 48,633 will extend the gains towards 49,162 and 49,710. However, a fall below 48,212 will initiate the corrective trend with 46,722 in sight. JS Securities...

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