AKD Securities Limited – AKD Daily Technicals (May 19, 2022)
Karachi, May 19, 2022 (PPI-OT): KSE-100: Faces a bullish session
The index opened on a positive note and remained volatile throughout the last trading session. The local bourse posted an intraday high of 435pts, a low of 218pts and concluded with a gain of 301pts to settle at 43,027pts level. Currently the MACD is bearish since it is trading below its signal line. The MACD crossed below its signal line 11 trading sessions ago. Since the MACD crossed its moving average, the local bourse has decreased 6.09% and has ranged from a high of 46,185 to a low of 42,273. The index is currently trading below its short-term moving averages. The volumes reflected in the last trading session were comparatively higher than the previous trading session.
The chart formation depicts that the index may find initial support near 42,300. A break below mentioned support can result into further weakness towards 42,000 and 41,600pts level. Alternatively, the index can face resistance near 42,800pts initially and then head towards 43,300 and 43,600 area. It is recommended to trade with a cautious approach and use stop loss during intra day trading.