Karachi, May 23, 2023 (PPI-OT): KSE-100 - Low volumes witnessed

The index opened on a slightly positive note and faced a bearish session. The local bourse posted a high of 91pts, a low of 444pts and concluded with a loss of 404pts to settle at 41,195pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. The local bourse is currently 0.4% below its 200-period moving average. Among the strength Indicators, RSI (Relative Strength Index) is currently at 48.46 which is below the neutral level. The MACD is trading below its signal line. It crossed below its signal line 2 trading sessions ago.

The chart formation depicts that the index may find initial support near 41,100. A break below mentioned support can result into further weakness towards 40,800 and 40,500pts level. Alternatively, the index can face resistance near 41,500pts initially and then head towards 41,800 and 42,100 area. It is recommended to accumulate positions on weakness with risk defined below support zone.