Karachi, December 13, 2022 (PPI-OT): KSE-100: Lackluster activity witnessed

The index opened on a slightly positive note and another lackluster activity witnessed. The local bourse posted an intraday high of 86pts, a low of 191pts and concluded with a loss of 158pts to settle at 41,541pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. During the past 10 trading sessions, there have been 3 white candles and 7 black candles for a net of 4 black candles. The index is currently 2.6% below its 200-period moving average on daily chart.

The chart formation depicts that the index may find initial support near 41,500. A break below mentioned support can result into further weakness towards 41,300 and 41,100pts level. Alternatively, the index can face resistance near 41,900pts initially and then head towards 42,200 and 42,500 area. It is recommended to trade with a cautious approach.