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AKD Securities Limited – AKD Technical Daily (November 01, 2022)

Karachi, November 01, 2022 (PPI-OT): KSE-100 – Range bound activity amid low volumes

The index opened on a slightly positive note and a range bound activity witnessed during the last trading session. The local bourse posted an intraday high of 236pts and concluded with a gain of 124pts to settle at 41,265pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. The MACD is bearish since it is trading below its signal line. The MACD crossed below its signal line 2 trading sessions ago. Since the MACD crossed its moving average, the local bourse has decreased 0.81% and has ranged from a high of 41,711 to a low of 41,115.

The chart formation depicts that the index may find initial support near 41,000. A break below mentioned support can result into further weakness towards 40,500 and 40,300pts level. Alternatively, the index can face resistance near 41,600pts initially and then head towards 42,000 and 42,200 area. It is recommended to trade with a cautious approach.

akd-securities-limited-akd-technical-daily-november-01-2022

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