Karachi, May 30, 2023 (PPI-OT): KSE-100: Closes near 200-SMA
The index opened on a positive note and remained bullish throughout the last trading session. The local bourse posted a high of 685pts and concluded with a gain of 376pts to settle at 41,340pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. The Index closed near 200-Simple Moving Average on daily chart. The Index closed above the lower band by 37.3%. Bollinger Bands are 39.84% narrower than normal. During the past 10 candlesticks, there have been 3 white candles and 7 black candles for a net of 4 black candles. Among the strength Indicators, RSI (Relative Strength Index) is currently at 51.82, slightly above the neutral level.
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 41,000 and 40,800pts 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.