Karachi, October 10, 2022 (PPI-OT): KSE-100: Sustains above 50-SMA

The index opened on a slightly positive note and remained bullish throughout the last trading session. The local bourse posted an intraday high of 306pts and concluded with a decline of 75pts to settle at 42,085pts. The volumes clocked in the last trading session were lower than the previous trading session. The Index finally sustaining above minor moving averages on daily chart and it is indicating for a further rise in near term. The index has been facing bullish sessions during the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. Among the strength Indicators, RSI (Relative Strength Index) is currently trading at a level of 57.51.

The chart formation depicts that the index may find initial support near 41,900. A break below mentioned support can result into further weakness towards 41,400 and 41,150pts level. Alternatively, the index can face resistance near 42,400pts initially and then head towards 42,800 and 43,000 area. It is recommended to accumulate positions on weakness with risk defined below support zone.