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AKD Securities Limited – AKD Daily Technicals (September 13, 2022)

Karachi, September 13, 2022 (PPI-OT): KSE-100: Lackluster activity witnessed

The index opened on a positive note and traded in a thin range. The local bourse posted an intraday high of 190pts, a low of 136pts and concluded with a loss of (Downward) 86pts to settle at 41,862pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. The index is hovering near 50-SMA (Simple Moving Average) on daily chart and sustained above it. During the past 10 trading sessions, there have been 3 white candles and 7 black candles for a net of 4 black candles. Bollinger Bands are 18.24% narrower than normal. MACD is bearish since it is trading below its signal line. The MACD crossed below its signal line 10 trading sessions ago. Since the MACD crossed its moving average, the Index has decreased 1.51% and has ranged from a high of 43,052 to a low of 41,676.

The chart formation depicts that the index may find initial support near 41,700. A break below mentioned support can result into further weakness towards 41,400 and 41,200pts level. Alternatively, the index can face resistance near 42,200pts initially and then head towards 42,600 and 42,900 area. It is recommended to accumulate positions on weakness with risk defined below support zone.