Karachi, October 11, 2022 (PPI-OT): KSE-100 Remains firm above 50-SMA

The index opened on a positive note and remained volatile throughout the last trading session. The local bourse posted an intraday high of 356pts and concluded with a gain of 126pts to settle at 42,212pts. The volumes clocked in the last trading session were comparatively higher than the previous trading session. The Volume indicators reflect volume flowing into and out of the Index at a relatively equal pace. The MACD is bullish since it is trading above its signal line.

The chart formation depicts that the index may find initial support near 42,000. A break below mentioned support can result into further weakness towards 41,800 and 41,400pts level. Alternatively, the index can face resistance near 42,400pts initially and then head towards 42,800 and 43,000 area. It is recommended to accumulate positions on weakness with risk defined below support zone.