AKD Securities Limited – AKD Technical Daily (November 18, 2022)
Karachi, November 18, 2022 (PPI-OT): KSE-100: Volatile session expected
The index opened on a positive note and remained volatile throughout the last trading session. The local bourse posted an intraday low of 214pts, a high of 121pts and concluded with a loss of 164pts to settle at 42,820pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. The MACD is bullish since it is trading above its signal line. The MACD crossed above its signal line in the start of last week. Since the MACD crossed its moving average the index has increased 1.84% and has ranged from a high of 43,121 to a low of 41,977.
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 42,300 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.