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AKD Securities Limited – AKD Technical Daily (05-01-2023)

Karachi, January 05, 2023 (PPI-OT): KSE-100: Low volumes witnessed

The index opened on a positive note and faced a volatile session. The local bourse posted an intraday high of 265pts, a low of 133pts and concluded with a loss of 91pts to settle at 40,539pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. The volume bars have been decreasing in a row. Among the strength indicators, RSI (Relative Strength Index) is currently trading at a level 46.6 which is below the neutral mark of 50.0. The Index is currently trading 4.2% below 200-SMA (Simple Moving Average) on daily chart.

The chart formation depicts that the index may find initial support near 40,400. A break below mentioned support can result into further weakness towards 40,000 and 39,700pts level. Alternatively, the index can face resistance near 41,000pts initially and then head towards 41,400 and 41,800 area. It is recommended to exit from buying position on strength and resume buying once the index manages to close above resistance zone.