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AKD Securities Limited – AKD Technical Daily (November 23, 2022)

Karachi, November 23, 2022 (PPI-OT): KSE-100: Hovering around 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 315pts and concluded with a gain of 167pts to settle at 42,929pts. The volumes clocked in the last trading session improved comparatively than the previous trading session. The index is hovering around 200-SMA on daily chart. MACD, is currently trading in the positive trajectory. Among the strength indicators, RSI is currently trading at 61.13.

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 42,200pts 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.