AKD Securities Limited – AKD Technical Daily (November 21, 2022)
Karachi, November 21, 2022 (PPI-OT): KSE-100 Range bound activity witnessed
The index opened on a negative note and remained bearish throughout the last trading session. The local bourse posted an intraday low of 219pts and concluded with a loss of 90pts to settle at 42,730pts. The volumes clocked in the last trading session were comparatively higher 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 1.62%. Volatility is relatively normal as compared to the average volatility over the last ten trading sessions.
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.