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KASB Securities Limited and Economics Research- The Keystone - Equities

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(Globalpost/GlobalPost)

April 03, 2013 (PPI-OT)

KSE-100: Target of 18,700 remains intact

New levels invited profit selling which clipped intraday gains to 74 points only.

According to KASB Securities Limited pertinent to note that intraday price behaviour resulted in a spinning candle which although hints at indecision, is not significantly material until a counter move takes place.

The price behaviour similar to an inverse head and shoulder formation signals potential upside target for KSE-100 in the vicinity of 18,700.

Analysis and Overview:

New levels invited profit selling which clipped intraday gains to 74 points only. Pertinent to note that intraday price behaviour resulted in a spinning candle which although hints at indecision, is not significantly material until a counter move takes place.

Thus, potential upside target for KSE-100 remains in the vicinity of 18,700. Apart from banking sector stocks, broader index constituents appear to have more room to the upside. Immediate area of resistance to look out for is today’s high of 18,434 and later 18,500. On the other hand, levels which are likely to enact support are 18,269 - 18,171.

http://www.globalpost.com/dispatch/news/asianet/130406/kasb-securities-limited-and-economics-research-the-keystone-equities