FLASHNEWS:

AKD Securities Limited – AKD Technical Daily (October 24, 2022)

Karachi, October 24, 2022 (PPI-OT): KSE-100: Bullish candle occurred; upside likely

The index opened on a positive note and underwent a volatile session. The local bourse posted an intraday high of 109pts, a low of 359pts and concluded with a gain of 76pts to settle at 42,213pts. The volumes clocked in the last trading session were comparatively higher than the previous trading session. A bullish candle pattern occur in the last trading session. The MACD is bullish since it is trading above its signal line. The MACD crossed above its signal line 13 trading sessions ago. Since the MACD crossed its moving average, the index has increased 2.09% and has ranged from a high of 42,441 to a low of 41,329.

The chart formation depicts that the index may find initial support near 42,100. 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 43,100 area. It is recommended to accumulate positions on weakness with risk defined below support zone.