FLASHNEWS:

AKD Securities Limited – AKD Technical Daily (November 10, 2022)

Karachi, November 10, 2022 (PPI-OT): KSE-100: Remains bullish; Upside likely

The index opened on a positive note and remained bullish throughout the last trading session. The local bourse posted an intraday high of 267pts and concluded with a gain of 218pts to settle at 42,265pts. The volumes clocked in the last trading session were comparatively higher than the previous trading session. The index has been forming a higher high and a higher low for the last three consecutive trading session and currently is sustaining above 50-SMA (Simple Moving Average) on daily chart. Among the strength indicators, RSI (Relative Strength Indicator is currently trading at a level of 57 which is above neutral mark and supporting for a further rise.

The chart formation depicts that the index may find initial support near 42,000. A break below mentioned support can result into further weakness towards 41,700 and 41,400pts level. Alternatively, the index can face resistance near 42,400pts initially and then head towards 42,800 and 43,100 area. It is recommended to accumulate positions on weakness with risk defined below support zone.