AKD Quotidian about — Needs To Overcome 18002 To Challenge 18185 — 18204 Levels

Karachi, March 25, 2013 (PPI-OT):

Short‐Term View: Upwards relief from the 38.2% retracement (17442) of 16036 to 18312 ascent has completed the 61.8% retracement (17959) of 18312 to 17388 descend.

According to AKD Securities, ability to hit 18002 today can stretch the recovery towards 18079 and 18185 — 18204 levels. On the downside, a relapse through 17877 would expose weakness towards 17719 — 17671 levels. AKD Securities maintains a corrective / consolidative view on the index while needing a convincing break past 18185 to migate chances of deeper downwards correction.

OGDC (203.37) — Inability to clear 207.99 — 211.97 can produce pressure towards 191.13. Internal resistance and support reside around 204.01 and 199.09 respectively.

ATRL (197.70) — A relapse below 197.28 can invite selling towards 190.35 and 179.15. Sell on strength up to 201.55 — 204.2, with risk above 208.48.

MCB (192.57) — Residency below 197.95 can retrench correction down towards 184.74 and 171.54. A closing break above 198 would challenge last closing high of 207.98.

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