AKD Securities — Trigger Shark

Karachi, December 04, 2014 (PPI-OT): Former Resistance at 32,049 — 32,225 Levels under Challenge

Short‐Term: Yesterday’s recovery through 31,735 levels puts former resistance at 32,049 — 32,225 levels under challenge. Any reaction from the aforementioned resistance would produce a retreat towards 31,677 levels. Accumulate textiles and cements and wait for a bottom confirmation in oil sector.

General Outlook: Wave D of an expanding triangle seems to have petered out after a retreat from the upper line. This broader consolidation pattern remains valid below 32,282 levels (150% Retracement) where a relapse below 29,940 can transpire an impulsive fall in wave E (final leg of correction) at least towards the gap left between 28,179 — 27,866 levels. On the other hand, the KSE 30‐Index is still lagging behind creating a negative divergence with the KSE 100‐Index. AKD Securities Limited needs a break above 32,284 levels to consider an alternate count.

13-day Leaders: GRAYS, SHEZ, ABOT, SNGP, PCAL, MLCF, JLICL, SSGC, KTML and ENGRO

13-day Laggards: HUMNL, PAKT, POL, PPL, PICT, MEBL, SRVI, ABL, ICI and NESTLE

The post AKD Securities — Trigger Shark appeared first on AsiaNet-Pakistan.

Leave a Reply