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AKD Daily Technical
KSE-100_Surpasses 55K level
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 1,245pts and concluded
with a gain of 1,130pts to settle at 55,391pts. The volumes witnessed in the
last trading session were higher than the previous trading session. The
local bourse closed above the upper band by 5.7%. This combined with the
steep uptrend suggests that the upward trend has a high chance of
continuing. However, a short-term pull-back inside the bands is likely. The
Index is currently 25.9% above its 200-period moving average and is in an
upward trend. Volatility is extremely high when compared to the average
volatility.
The chart formation depicts that the index may find initial support near
54,800. A break below mentioned support can result into further weakness
towards 54,500 and 54,100pts level. Alternatively, the index can face
resistance near 55,600pts initially and then head towards 55,800 and 56,400
area. It is recommended to trade with a cautious approach and accumulate
positions on weakness.
Source: (AKD Technicial)
The post KSE-100_Surpasses 55K level, (AKD Technical Daily Nov 13 2023) appeared first on Pakistan Business News.