AKD Securities Limited - AKD Technical Daily (December 20, 2022)

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AKD Securities Limited – AKD Technical Daily (December 20, 2022)

December 20, 2022

Karachi, December 20, 2022 (PPI-OT): KSE-100: Tests 200-SMA on weekly chart

The index opened on a slightly negative note and faced a volatile session. The local bourse posted an intraday high of 92pts, a low of 487pts and concluded with a loss of 331pts to settle at 40,971pts. The volumes clocked in the last trading session were comparatively higher than the previous trading session. The index is currently hovering near 200 weekly moving average. Among strength indicators, RSI (Relative Strength Index) is currently trading below the neutral level. Daily parabolic SAR (Stop and Reverse) is appearing above the current level of the Index.

The chart formation depicts that the index may find initial support near 40,850. A break below mentioned support can result into further weakness towards 40,600 and 40,400pts level. Alternatively, the index can face resistance near 41,200pts initially and then head towards 41,600 and 41,900 area. It is recommended to trade with a cautious approach.