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AKD Securities Limited – AKD Daily Technicals (August 05, 2022)

Karachi, August 05, 2022 (PPI-OT): KSE-100 – Hovering near 50-SMA

The index opened with a positive bias and remained in the positive trajectory throughout the last trading session. The local bourse posted an intraday high of 562pts and concluded with a gain of (Upward) 357pts to settle at 41,425pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. The index traded above 50-SMA during intraday trading but could not manage to close above it. Currently the MACD is bullish since it is trading above its signal line and cements a bullish view over the index.

The chart formation depicts that the index may find initial support near 41,250. A break below mentioned support can result into further weakness towards 41,000 and 40,700pts level. Alternatively, the index can face resistance near 41,700pts initially and then head towards 42,100 and 42,400 area. It is recommended to accumulate positions on weakness with risk defined below 40,500 area.

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