AKD Securities Limited – AKD Daily Technicals (October 03, 2022)
Karachi, October 03, 2022 (PPI-OT): KSE-100: Bullish candle amidst improved volumes
The index opened with a negative bias and remained volatile throughout the last trading session. The local bourse posted an intraday low of 260pts, a high of 122pts and concluded with a gain of 115pts to settle at 41,129pts. The volumes clocked in the last trading session were higher than the previous trading session. A white body candle occurred because Index closed high than the opening level. The index has remained volatile throughout the week. Bollinger Bands are 45.29% narrower than normal. The narrow width indicates that the volatility could less as compared to the average volatility of past ten trading sessions.
The chart formation depicts that the index may find initial support near 40,800. A break below mentioned support can result into further weakness towards 40,500 and 40,200pts level. Alternatively, the index can face resistance near 41,400pts initially and then head towards 41,700 and 41,900 area. It is recommended to accumulate positions on weakness with risk defined below support zone.