AKD Securities Limited – Trigger Shark : AsiaNet-Pakistan

AKD Securities Limited – Trigger Shark

April 29, 2015 | Brokerage | Share:

Karachi, April 29, 2015 (PPI-OT): Stalling Momentum

Short‐Term: The bullish attempt was aborted through a tweezers top formation around 33,970 level yesterday. Inability to clear the aforementioned resistance is likely to invite pres‐sure towards 33,283 level.

Need a break above 33,970 level to reset the upwards momentum towards 34,143 and 34,415 levels. Despite a deep and steep recovery beyond the 80% retracement of Feb’15 to March’15 fall (35,055 to 28,648) over the last twenty one trading sessions, AKD Securities Limited continues to prefer a corrective Elliot wave count (Zig Zag) viewing ensuing recovery as wave B in final stages. A relapse below 32,826 level would confirm that upwards move is done and market has entered the wave C fall.

13‐day Leaders: BOP, LPCL, ATRL, BATA, NCPL, EFUL, BAFL, UBL, AKBL and PAEL

13‐day Laggards: PAKT, MUREB, COLG, NATF, SHEZ, CHCC, ARPL, NCL, ARM and HUMNL

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Category: Brokerage