KSE-100 Index: Indicators And Formation Suggests Uptrend Nearing Completion; 30-Week MA Creates Resistance

First support 9,965 points, second support 9,918 points; First resistance 10,065 points, second resistance 10,123 points

The index opened marginally positive and after touching its day's low, took to an uptrend to close in the green. Volumes declined by 46.07% and stood at 46.08 mln. The index has created a double-top around its 30-week moving average which is currently at 10,025 points. This suggests that the uptrend is nearing completion.

The Stochastic Oscillator maintains its uptrend and is rapidly approaching the overbought region. Moreover the RSI continue to rise however is approaching its previous top at 61.09 (14-D RSI). Hence any upside should be capitalized upon to sell.

The first support is at 9,965 points and the second support is at 9,918 points. The first resistance is at 10,065 points and the second resistance is at 10,123 points.