KSE-100 Index (Last: 14596.59, up 151.31 points)
The Index managed to close the day above its near term
resistance level at 14500 with good volumes. AICL, ICI, JSCL, PSMC and PTC
contributed on the positive side while UBL and PPL bucked the trend. Further
gains are likely in the near term as the Index will approach its near term high
at 147000. Major support price is at 14500 and 14300.
Out of the 28 stocks we cover, 8 stocks are showing overbought
reading. Previous day the tally was 5. The Index itself is also in the
overbought territory as the RSI is at 73.62. However, there are no signs of
topping out or reversal visible on the charts. Maintain longs.
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