Technical Report 07-09-2021
Market closed above the support level of 46,644.2, deprived and closed with negative 188.56 pts. Closed above the support level, broke two support levels of 46,842.55 pts and 46,766.57 pts. The points narrated on the graph also indicates that as market closed above the support level of 46,650 , still there is momentum to recover the points in the index in upcoming days.
Outlook and Expected Level in Upcoming Day
RSI shifted its position to a bearish run as oversold state. Aside, 50-day moving average is in bullish trend. Swing Indicators are suggesting a comeback can be expected and new highs in the market can be witnessed. In order to expand, index needs to close in range 46850 - 47000 levels.
Outlook and Recommendation
We expect the market to continue trading in bullish candle pattern.
* MSCI reclassification announcement from Emerging Market (EM) to Frontier Market (FM) has impacted the market as investors adopted a cautious approach. The decision on potential downgrade of Pakistan from EM to FM due to be announced later today.
Y.H. Securities (Private) Limited is a full service brokerage house in Pakistan.The company's sole purpose is to provide high quality advisory service to its valuable clients on equity market, through a team of qualified and diligent professionals.
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