TECHNICAL ANALYSIS VIEW OF PAKISTAN STOCK MARKET

By (Misbah Maqbool)

June 29, 2020 (MLN):

KSE 100 WEEKLY CHART

KSE 100 DAILY CHART

Last Friday KSE 100 index closed up 229 points on DoD and 500 points on WoW basis to 33,939 level. During the week it touched a new low of 33,071 which was lowest level since April 30, 2020. Currently market is in short term down trend which will be intact until market trades above 34,397 index level. Market’s short period moving average is below long period moving average. MACD signal line is trading below its 9 day exponential moving average.

Given below please find technical analysis view and charts of key scrips:

KEY SCRIPS SHORT TERM TREND AND SUPPORT/RESISTANCE LEVEL

SymbolsClosingTrendSupport/MA TrendMACD Trend
   Resistance  
DGKC84.27UP77.85UPDOWN
OGDC109.65DOWN118DOWNDOWN
ISL51.71DOWN54.2DOWNDOWN
TRG27.39UP29.23UPDOWN
Support/Resistance value are mentioned in black and red respectively

 

DGKC

Last Friday DGKC came out from it 2 months long consolidation pattern for the upside. Now previous low of 77.85 will prove as support in near future. Its moving average has made golden cross buy indication on Friday.

OGDC

OGDC is support line from March end has proved as resistance area last week. It will remain in short term down trend until it closes above 118 level.

ISL

ISL is still in its consolidation pattern. Shorter period EMA is still lower than longer period EMA. On the upside 54.20 might prove as resistance area. But closing above resistance will be good sign for another upside rally until then it will remain in short term down trend.

TRG

TRG is going through its consolidation area right now and will enter another upside rally once it will close above 29.23 level.

Misbah Maqbool is a MBA and CIM (Chartered Investment Manager). He has served over 20 years as Portfolio Manager in various Leading Financial Institutions namely National Bank of Pakistan, Pak Brunei Investment Company, Pak Oman Investment Company and Alfalah GHP Investment Management Limited.

Disclaimer: The opinions in this article are the author’s and do not necessarily represent the views of Mettis Link News (MLN)

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Posted on: 2020-06-29T10:40:00