Karachi, June 09, 2023 (PPI-OT): KSE-100_Profit taking witnessed

Market View - Technical

The index opened on a positive note and remained bearish throughout the last trading session. The local bourse posted a low of 494pts and concluded with a loss of 456pts to settle at 41,686pts. The volumes clocked in the last trading session were slightly lower than the previous trading session. The MACD crossed above its signal line 2 trading sessions ago. Since the MACD crossed its moving average, the Index has decreased 0.57% and has ranged from a high of 42,307 to a low of 41,649. Among momentum Indicators, RSI (Relative Strength Index) is currently trading at 54.21.

The chart formation depicts that the index may find initial support near 41,500. A break below mentioned support can result into further weakness towards 41,100 and 40,800pts level. Alternatively, the index can face resistance near 42,000pts initially and then head towards 42,350 and 42,700 areas. It is recommended to trade with a cautious approach and focus on profit taking near resistance zone