FLASHNEWS:

AKD Securities Limited – AKD Technical Daily (December 22, 2022)

Karachi, December 22, 2022 (PPI-OT): KSE-100 – Short term pullback likely

The index opened on a slightly negative note and faced a bearish session amidst improved volumes. The local bourse posted an intraday. The index opened on a negative note and faced a bearish session amidst low volumes. The local bourse posted an intraday low of 556pts and concluded with a loss of 490pts to settle at 39,343pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. Among the strength indicators, RSI (Relative Strength Index) has just reached its lowest value in the last 14 period(s). This indicates for a further decline in near future.

The chart formation depicts that the index may find initial support near 39,200. A break below mentioned support can result into further weakness towards 38,800 and 38,600pts level. Alternatively, the index can face resistance near 40,000pts initially and then head towards 40,400 and 40,600 area. It is recommended to trade with a cautious approach.