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Karachi, July 12, 2023 (PPI-OT): KSE-100 – Upward ride continues
Market View – Technical
The index opened on a positive note and remained bullish throughout the last trading session. The local bourse posted a high of 665pts and concluded with a gain of 571pts to settle at 45,156pts. The volumes clocked in the last trading session were recorded highest for the last 9 months. The Index is currently 9.4% above its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last ten trading sessions. Volume indicators reflect moderate flows of volume into the Index (mildly bullish) and trend forecasting oscillators are currently bullish and have had this outlook for the last couple of trading sessions. Our momentum oscillator is currently indicating that the Index is currently trading in an overbought region.
The chart formation depicts that the index may find initial support near 44,600. A break below mentioned support can result into further weakness towards 44,300 and 44,000pts level. Alternatively, the index can face resistance near 45,300pts initially and then head towards 45,500 and 45,800 areas. It is recommended to trade with a cautious approach, use trailing stop loss and focus on profit taking.
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