Pearl Securities Limited – Tech Pearl

Karachi, February 17, 2016 (PPI-OT): Technical Overview – Buy on Dip!

Despite Pearl Securities Limited’s positive call, the market failed to attract fresh buying due to an abrupt selling pressure in major scrips. As a result, the KSE-100 went down by 254.99 points (-0.80%) to end at 36,673.16 levels. Thanks to last hour revival which recovered the market towards the end of the day above 31,600 levels. Trading volumes portrayed somehow witnessed growth to 167m shares (+87%) as compared to 89m shares recorded last day.

Technically speaking, the benchmark KSE-100 may come under selling pressure if it fails to sustain 31,450-31,500 levels. Fear of failure to sustain below 21-DMA line is still exists and has a crucial role to play when selling pressure comes to an end. In other indicators, Momentum (indicator) does not support buying while MACD and RSI may portray some buying support on lower levels. Buy on Dip