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AKD Securities Limited – AKD Technical Daily (January 12, 2023)

Karachi, January 12, 2023 (PPI-OT): KSE-100: Locked in a trading range

The index opened on a positive note and faced a volatile trading session. The local bourse posted an intraday high of 187pts, a low of 207pts and concluded with a marginal loss of 43pts to settle at 40,758pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. The index is 3.5% below its 200-period moving average on daily chart. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of the Index at a relatively equal pace. Among the strength Indicators, RSI is currently trading at 49.37 level.

The chart formation depicts that the index may find initial support near 40,500. A break below mentioned support can result into further weakness towards 40,100 and 39,800pts level. Alternatively, the index can face resistance near 41,100pts initially and then head towards 41,400 and 41,800 area. It is recommended to accumulate positions on weakness.