Karachi, January 04, 2023 (PPI-OT): KSE-100: Closes below middle Bollinger Band

The index opened on a positive note and faced a volatile session. The local bourse posted an intraday high of 200pts, a low of 221pts and concluded with a loss of 185pts to settle at 40,631pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. The index closed below middle Bollinger band on daily chart. Bollinger Bands are 21.22% wider than normal. Currently the MACD is bullish since it is trading above its signal line. The MACD crossed above its signal line one trading session ago.

The chart formation depicts that the index may find initial support near 40,400. A break below mentioned support can result into further weakness towards 40,000 and 39,700pts level. Alternatively, the index can face resistance near 41,000pts initially and then head towards 41,400 and 41,800 area. It is recommended to exit from buying position on strength and resume buying once the index manages to close above resistance zone.