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AKD Securities Limited – AKD Daily Technicals (September 29, 2022)

Karachi, September 29, 2022 (PPI-OT): KSE-100: Resisted by 50-SMA

The index opened on a positive note and remained volatile throughout the last trading session. The local bourse posted an intraday high of 303pts, a low of 127pts and concluded with a loss of 83pts to settle at 41,435pts. The volumes clocked in the last trading session were slightly lower than the previous trading session. The Index tested 50-SMA on the upside but could not manage to close above it. Among the strength indicators, RSI (Relative Strength Index) is currently trading at the level of 45.94. Daily parabolic SAR (Stop and Reverse) is currently appearing below the current level of the index.

The chart formation depicts that the index may find initial support near 41,200. A break below mentioned support can result into further weakness towards 40,800 and 40,500pts level. Alternatively, the index can face resistance near 41,700pts initially and then head towards 41,900 and 42,200 area. It is recommended to accumulate positions on weakness with risk defined below support zone.

akd-securities-limited-akd-daily-technicals-september-29-2022

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