AKD Securities Limited – AKD Daily Technicals (September 14, 2022)
Karachi, September 14, 2022 (PPI-OT): KSE-100: Remains range bound
The index opened on a positive note and a range bound activity witnessed. The local bourse posted an intraday high of 230pts, a low of 23pts and concluded with a gain of (Upward) 139pts to settle at 42,001pts. The volumes clocked in the last trading session were slightly lower than the previous trading session. The Index is currently 3.6% below 200-period moving average on daily chart. Volatility is extremely low when compared to the average volatility over the last ten trading sessions. There seems a possibility that an increase in volatility along with sharp fluctuations could be witnessed. Volume indicators reflect volume flowing into and out of KSE100 at a relatively equal pace (neutral).
The chart formation depicts that the index may find initial support near 41,800. A break below mentioned support can result into further weakness towards 41,500 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.