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PSX Technicals Jul 8, 2024

PSX Technicals Jul 15
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July 07, 2024 (MLN): The benchmark KSE-100 Index closed at 80,213, with the Relative Strength Index (RSI) at 74.04.

Pivot Points — a technical indicator used to determine areas of support and resistance through mathematical formulas — indicate a possible cushion for KSE-100 around 79,986.

Meanwhile, it suggests an initial resistance level at 80,533, with further barriers at 80,854 and 81,081.

KSE-100 Index closed 2.53% below the upper limit of its 20-day Bollinger band and 11.63% above the lower limit.

The gap between the upper and lower Bollinger of KSE-100 Index has widened by 23.6% compared to last week.

The Bollinger study is a way of analyzing volatility, calculated by plotting standard deviations, above and below a security over time. The bands widen when a security's price becomes more volatile and narrow when it is more stable.

Momentum-wise, only 21 of the 100-Index companies' RSI — a 0-100 gauge meter — has climbed above the level of 70 typically seen as overbought.

Furthermore, overall technical ratings — a technical analysis tool that combines the ratings of several technical indicators — rate 13 of the 100 index companies as a 'Strong Buy', 55 as 'Buy', 20 as 'Sell', and only 3 as 'Strong Sell'.

Symbol Close RSI Recommendation
ATRL 356.32 45.78 Neutral
BAFL 68.73 61.09 Buy
BAHL 116.36 70.20 Strong Buy
CHCC 160.38 49.14 Sell
COLG 1199.96 32.00 Sell
DGKC 89.41 51.84 Neutral
EFERT 168.21 62.27 Buy
ENGRO 327.79 42.22 Sell
FFC 166.75 70.63 Buy
HBL 139 81.88 Strong Buy
HUBC 163.75 72.16 Buy
LUCK 919.07 56.37 Buy
MARI 2691.52 50.00 Buy
MCB 228.16 55.58 Buy
MEBL 240.1 54.15 Buy
MLCF 37.47 45.43 Sell
MTL 631.7 47.49 Sell
NRL 273.29 50.82 Buy
OGDC 132.95 50.58 Buy
POL 521.88 74.14 Buy
PPL 122.3 56.11 Buy
PRL 24.34 48.33 Neutral
PSO 172.77 55.57 Buy
SEARL 58.11 49.34 Sell
SHEL 141.14 56.96 Buy
SNGP 68.03 58.69 Buy
SYS 427.8 53.25 Buy
TPLP 8.96 31.23 Sell
TRG 60.79 37.79 Sell
UBL 262.09 74.76 Buy

Note: Table includes KSE-30 companies only

To note, the overall rating of the indicator includes several moving averages with different lengths, the Ichimoku Cloud, and several oscillators.


Disclaimer: The views and analysis in this article are the opinions of the author and are for informational purposes only. It is not intended to be financial or investment advice and should not be the basis for making financial decisions.

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Posted on: 2024-07-08T05:30:00+05:00