AKD Securities Limited – AKD Technical Daily (November 11, 2022)
Karachi, November 11, 2022 (PPI-OT): KSE-100: Approaches 200-SMA
The index opened on a positive note and remained bullish throughout the last trading session. The local bourse posted an intraday high of 694pts and concluded with a gain of 636pts to settle at 42,901pts. 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 since the week started. The index has approached near 200-SMA (Simple Moving Average) on daily chart, where a closing above it could further support bullish move. Among the strength indicators, RSI (Relative Strength Indicator is currently trading at a level of 64.75. MACD is currently trading in the positive trajectory.
The chart formation depicts that the index may find initial support near 42,600. A break below mentioned support can result into further weakness towards 42,400 and 42,100pts level. Alternatively, the index can face resistance near 43,100pts initially and then head towards 43,500 and 43,800 area. It is recommended to accumulate positions on weakness.