Karachi, January 11, 2023 (PPI-OT): KSE-100: Close above 21-SMA

The index opened with a bullish bias and traded in the positive trajectory throughout the last trading session. The local bourse posted an intraday 476 of 571pts and concluded with a gain of 297pts to settle at 40,802pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session.

The Index closed below the upper band by 35.4%. Bollinger Bands are 7.31% narrower than normal. During the past 10 trading sessions, there have been five white candles and five black candles. The MACD is bullish since it is trading above its signal line. The MACD crossed above its signal line six trading sessions ago.

The chart formation depicts that the index may find initial support near 40,500. A break below mentioned support can result into further weakness towards 40,100 and 39,800pts level. Alternatively, the index can face resistance near 41,100pts initially and then head towards 41,400 and 41,800 area. It is recommended to accumulate positions on weakness.