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Karachi, November 06, 2013 (PPI-OT): KSE-100: Continuation of the bullish trend
The index closed above its last Friday’s high and its 100-DMA which suggests a target of 23,300-23,500.
According to KASB Securities Limited RSI also rebounded from the support of its declining trend line which is also a bullish sign.
It is recommended to accumulate on weakness.
Analysis and Overview:
The index rose and broke its last Friday’s high and gave a closing above it, suggesting that it could continue current bullish trend and head towards 23,300-23,500 level. Moreover, the RSI also rebounded from the support of its declining trend line which also supports bullish bias. That said, it is recommended to accumulate on weakness.