AKD Securities Limited – AKD Technical Daily (November 28, 2022)
Karachi, November 28, 2022 (PPI-OT): KSE-100: Volatile sessions expected
The index opened on a positive note and faced a volatile session. The local bourse posted an intraday high of 217pts, a low of 29pts and concluded with a gain of 33pts to settle at 42,937pts. The volumes clocked in the last trading session were slightly 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 thirteen trading sessions ago. Since the MACD crossed its moving average, the Index level has increased 2.12% 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 42,450 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.