Karachi, November 16, 2022 (PPI-OT): KSE-100: Trades below 200-SMA

The index opened on a positive note and remained volatile throughout the last trading session. The local bourse posted an intraday low of 102pts, a high of 185pts and concluded with a loss of 54pts to settle at 42,797pts. The volumes clocked in the last trading session were comparatively higher than the previous trading session. The Index is currently 0.4% below its 200-SMA (Simple Moving Average) and is in an upward trend. Volume indicators reflect volume flowing into and out of the Index at a relatively equal pace (neutral).

The chart formation depicts that the index may find initial support near 42,500. A break below mentioned support can result into further weakness towards 42,300 and 42,200pts level. Alternatively, the index can face resistance near 43,200pts initially and then head towards 43,500 and 43,700 area. It is recommended to trade with a cautious approach.