FLASHNEWS:

AKD Securities Limited – AKD Daily Technical (19-May-2023)

Karachi, May 19, 2023 (PPI-OT): KSE-100_Approaching towards 200-SMA

Market View - Technical

The index opened on a positive note and faced a bearish session. The local bourse posted a high of 131pts, a low of 422pts and concluded with a loss of 392pts to settle at 41,442pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. Among the Strength Indicators, RSI (Relative Strength Index) is currently at 52.92 which is near to the neutral mark. Daily Parabolic SAR (Stop and Reverse) is currently appearing above the current level of the Index. The Index is approaching towards 200-SMA (Simple Moving Average) on daily chart which is below the current level of the Index.

The chart formation depicts that the index may find initial support near 41,100. A break below mentioned support can result into further weakness towards 40,800 and 40,500pts level. Alternatively, the index can face resistance near 41,800pts initially and then head towards 42,000 and 42,200 areas. It is recommended to trade with a cautious approach and focus on profit taking.