AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, April 16, 2014 (PPI-OT): Bulls Still Pack a Punch
Short-term: Yesterday’s doji session shows that excessive supply has neutralized at support around 28,947 levels. This should refresh the bullish momentum towards 29,682 levels. Would go neutral on close below 28,900 levels.
General Outlook: Benchmark KSE has attained a normal channel target for the fifth Elliot wave (marked as v of 5) of bullish impulse started from Oct’13 low of 21,476 level –nearing zenith of third primary sequence of third cycle degree impulse. Further strength above 29,682 level can produce a sharp throw over towards 30,422 — 33,535 levels (Strong Supply Zone).
Key trailing support resides around 28,498 levels. From my perspective, two important lines converging in second half of May’14 can produce a trend shift-possibly an intermediate correction. Befriend the bull trend till completion or termination of bullish sequence. Preferred plays include ENGRO, PSO, PTC, AICL, SNGP, PAEL, NRL, EPCL, AKBL, FABL and BOP.
13day Leaders: PSEL, JGICL, SHEL, EFUG, NATF, ABL, LPCL, BATA, GLAXO and SNBL
13day Laggards: JVDC, KTML, NCL, NML, MUREB, GRAYS, CHCC, NESTLE, HUBC and ISL