RSL WEEKLY TECHNICAL OUTLOOK

March 23, 2024

KSE100 Index Analysis

1. MARKET PERFORMANCE AND VOLUME TRENDS:

WEEKLY TECHNICAL OUTLOOK

KSE100 index has continuously failed to hold above the 66,200 level since the start of March,
indicating a resistance barrier.

Bulls have attempted to break the 66,200 level multiple times but have faced profit-taking, leading
to unsuccessful breakouts.

In the last trading session, the index lost 265 points and closed at 65,151, signaling bearish
sentiment.

Trading volume has significantly decreased, reaching its lowest level since September 28, 2023, with
only 83.03 million shares traded in the Friday session.

The decrease in volume, from nearly 243 million shares in the Thursday session, reflects reduced
market participation by 159.65 million shares, down by 65.8% day-over-day (DoD).

On a weekly basis, the KSE100 index saw a marginal volume increase of nearly 10 million shares, up
by only 1.4%.

2. SUPPORT AND RESISTANCE LEVELS:

The initial support level for the KSE100 index is between 65,000 and 64,800, highlighting a crucial
support zone.

A breach below the 64,800 level may trigger aggressive selling pressure, potentially leading to
further downside.

Bears may target levels of 64,000 and 63,800 if the index fails to hold above 64,800, but a temporary
pause in selling pressure could occur at these levels. if not then selling pressure may continue till
63,180-62,800level(where aggressive short-covering plus fresh buying can be seen).

3. BULLISH SCENARIO AND TARGETS:

A bullish scenario is contingent on the index closing above the 66,500 level and maintaining this
level.

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March 23, 2024

Potential targets for bullish momentum are identified at 69,000 and 71,000, indicating upside
potential if bullish momentum is sustained.

4. STRATEGY RECOMMENDATION:

The recommended strategy is to approach the market cautiously and set stop-loss orders to
minimize losses.

Considering the current market volatility, reduced trading volume, and potential short-covering and
fresh buying levels, prudent risk management is advised for traders and investors.

CONCLUSION:

The analysis of the KSE100 index, coupled with volume trends and potential short-covering plus
fresh buying levels, underscores the complexity of the current market environment. Traders are
advised to carefully monitor support and resistance levels, volume trends, and implement risk
management strategies to navigate market fluctuations effectively.

PTL

PTL is currently in a consolidation phase within the range of 37.00–42.00. It has been respecting the
weekly 30-EMA since October 23, indicating a stable and consistent trend. The Relative Strength
Index (RSI) is also signaling a bullish sentiment, further supporting a positive outlook for the stock.

KEY OBSERVATIONS:

- Weekly 30-EMA Support: PTL has maintained support at the weekly 30-EMA since October 23,
highlighting its resilience and potential for upward movement.

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 RSL WEEKLY TECHNICAL OUTLOOK
March 23, 2024

- Bullish Signal from RSI: The RSI is suggesting a bullish signal, reinforcing the positive sentiment
surrounding PTL.

- Highest Weekly Closing: The highest weekly closing since mid-January serves as a strong buying
level, identified between 40.00–38.00, with a recommended stop-loss at 35.00 to manage downside
risks effectively.

UPSIDE TARGETS AND BREAKOUT POINTS:

- A breakout above 42.50 is considered an aggressive bullish move for PTL.

- Upside targets are projected at 44.00 and 45.00, followed by 47.00 and 48.00 levels, indicating
potential price appreciation opportunities.

RECOMMENDATIONS :

WEEKLY TECHNICAL OUTLOOK

- Consider initiating a buying position within the identified range of 40.00–38.00, adhering to the
suggested stop-loss at 35.00 for risk management.

- Monitor closely for a breakout above 42.50, which could trigger aggressive bullish momentum and
validate the upside targets.

CONCLUSION:

PTL presents a favorable opportunity for traders and investors, supported by its consolidation phase,
technical indicators like the RSI, and strong support levels. Prudent risk management and timely
monitoring of breakout points are essential for optimizing returns and navigating market
fluctuations effectively.

TREET

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 RSL WEEKLY TECHNICAL OUTLOOK
March 23, 2024

TREET is currently testing a significant support level between Rs16.00-15.00, presenting a potential
buying opportunity for traders. This report provides a detailed analysis of TREET's market position,
range-bound activity, and upside targets.

TECHNICAL ANALYSIS:

Support Level Testing: TREET is at a critical juncture, testing a major strong support level within the
range of Rs16.00-15.00.

Range-Bound Activity: The stock is currently stuck in a range-bound phase, trading within the
Rs15.00-20.00 range, indicating a period of consolidation.

RECOMMENDATIONS :

Buying Opportunity: Consider initiating a buying attempt with a stop-loss below Rs15.00 on a closing
basis, aligning with risk management practices.

OUTLOOK
TECHNICALOUTLOOK
Upside Targets: TREET's initial upside target is set at Rs18.00, followed by Rs20.00, reflecting
potential bullish momentum.

RISK MANAGEMENT:

Stop-Loss Strategy: Implement a strict stop-loss strategy to manage downside risks effectively and
protect capital.

WEEKLYTECHNICAL
Monitoring and Adjustments: Continually monitor price action and market dynamics to make
informed trading decisions and adjust strategies as needed.

CONCLUSION:

TREET presents a compelling buying opportunity with a clear support level and defined upside
targets. Adhering to prudent risk management practices and staying vigilant in monitoring market

WEEKLY
movements are essential for optimizing trading outcome.

HTL

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 RSL WEEKLY TECHNICAL OUTLOOK
March 23, 2024

HTL is currently undergoing a pivotal phase as it tests a major strong support level within the range
of Rs22.40-21.00. This report provides an in-depth analysis of HTL current market position, potential
buying opportunities, and upside targets.

Support Level Testing: HTL is strategically positioned within a critical support zone, indicating a key
inflection point for market sentiment.

Range-Bound Activity: The stock is observed to be in a range-bound phase, trading within the
Rs22.00-27.00 range, signifying a period of price consolidation.

RECOMMENDATIONS :

Buying Opportunity: Consider initiating a buying attempt within the identified support range, with a
recommended stop-loss below Rs20.00 on a closing basis to manage downside risks effectively.

UPSIDE TARGETS : HTL potential upside targets are delineated as follows:

Initial Upside Targets: Rs24.00 and Rs25.00

Subsequent Upside Targets: Rs26.00 and Rs27.00

RISK MANAGEMENT:

Stop-Loss Strategy: Implementing a disciplined stop-loss strategy is crucial to protect capital and
minimize potential losses.

Monitoring and Adjustments: Continual monitoring of price action and market developments is
advised to adapt trading strategies based on evolving market conditions.

CONCLUSION:

HTL presents a compelling opportunity for traders, with clear support levels and defined upside
targets. Adhering to sound risk management practices and remaining vigilant in monitoring market
dynamics are essential for successful trading outcomes.

Rafi Securities (Private) Limited

TREC Holder of Pakistan Stock Exchange Limited
Research Identity Number: 054 © Copy Right 2020
www.rafionline.com research@rafionline.com UAN – 021-111-159-111
 RSL WEEKLY TECHNICAL OUTLOOK
March 23, 2024

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research department head, primarily involved in the preparation, writing and publication of this report, certifies that (1) the views
expressed in this report are unbiased and independent opinions of the Research Analyst(s) which accurately reflect his/her personal
views about all of the subject companies/securities and (2) no part of his/her compensation was, is or will be directly or indirectly
related to the specific recommendations or views expressed in this report.
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more than 1% of the value of the company and the research analyst or its close relative have neither served as a director/officer in
the past 3 years nor received any compensation from the subject company in the past 12 months. The Research analyst or its close
relatives have not traded in the subject security in the past 7 days and will not trade in next 5 days.
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WEEKLY TECHNICAL OUTLOOK

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Rafi Securities (Private) Limited

TREC Holder of Pakistan Stock Exchange Limited
Research Identity Number: 054 © Copy Right 2020
www.rafionline.com research@rafionline.com UAN – 021-111-159-111