AKD Securities Limited – AKD Technical Daily (November 15, 2022)
Karachi, November 15, 2022 (PPI-OT): KSE-100 Consolidation expected
The index opened on a negative note and remained bearish throughout the last trading session. The local bourse posted an intraday low of 331pts and concluded with a loss of 242pts to settle at 42,851pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. During the past ten trading sessions, there have been 9 white candles and 1 black candles for a net of 8 white candles. Daily parabolic SAR (Stop and Reverse) is currently appearing below the current level of the index and RSI (Relative Strength Indicator) is currently trading at a level of 62.
The chart formation depicts that the index may find initial support near 42,700. A break below mentioned support can result into further weakness towards 42,500 and 42,300pts level. Alternatively, the index can face resistance near 43,500pts initially and then head towards 43,700 and 43,900 area. It is recommended to accumulate positions on weakness.