AKD Securities Limited - AKD Technical Daily (October 06, 2022)

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AKD Securities Limited – AKD Technical Daily (October 06, 2022)

October 6, 2022

Karachi, October 06, 2022 (PPI-OT): KSE-100 Approaching towards 50-SMA

The index opened with a positive bias and remained bullish throughout the last trading session. The local bourse posted an intraday high of 318pts and concluded with a gain of 261pts to settle at 41,611pts. The volumes clocked in the last trading session were higher than the previous trading session. The Index is approaching towards a cluster of moving averages on daily chart. Trading above it would cement a bullish view for near future. Among the strength Indicators, RSI (Relative Strength Index) is currently trading at a level of 51.00.

The chart formation depicts that the index may find initial support near 41,400. A break below mentioned support can result into further weakness towards 41,150 and 40,800pts level. Alternatively, the index can face resistance near 41,800pts initially and then head towards 42,200 and 42,500 area. It is recommended to accumulate positions on weakness with risk defined below support zone.