The Index fell 54 points to close the day below
14700. Though the long term trend remains up, however, the Index’s inability to
gain velocity beyond 14700 levels is indicating that investor demand may emerge
at a bit lower level. Hope of a decisive break above 14700 will
remain alive as long as the KSE-100 Index maintain its prices above 14500
support level.
PTC, though in buy mode, is one of the weak stock as the
Trend Score table is showing a big drop in the score due to worsening moving
average setup. Yesterday, the stock entered into a medium term sell mode as the
2 weeks moving average fell below 12 weeks.
The chart is showing probable emergence of a failure
swing pattern and the pattern will be confirmed once the stock falls below Rs
13.50 level. However, till that happens, hope of a reversal in prices are very
much alive provided PTC clears Rs 15.50 resistance in the next couple of days.
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