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KASB Securities Limited and Economics Research- The Keystone

Karachi: KSE‐100: Formation an adjustment post breakout
• The index’s formation suggests that it witnessed a consolidation post breakout. The trend remains bullish for now, however volatility is likely to remain high.
• The Stochastic Oscillator has now generated a buy signal, which makes its formation a bullish divergence while the RSI maintains its general uptrend.
• KASB Securities maintains a cautious buy for short term trading purposes.

Analysis and Overview:

According to KASB Securities , the index opened marginally positive and after touching its day’s high remained under pressure throughout the session to close in the red. Volumes declined by 22.60% and stood at 141.71 mln. The index remained relatively muted compared to the previous candlestick. The resultant formation suggests that it witnessed a consolidation post breakout. The trend remains bullish for now, however volatility is likely to remain high.

The Stochastic Oscillator has now generated a buy signal, which makes its formation a bullish divergence, while the RSI maintains its general uptrend. Moreover the MACD maintains its uptrend as well as buy signal.

KASB Securities maintains a cautious buy for short term trading purposes.

The first support is at 11,985 points and the second support is at 11,914 points. The first resistance is at 12,118 points and the second resistance is at 12,186 points.

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