Karachi, August 26, 2022 (PPI-OT): KSE-100: Faces a volatile session

Market View — Technica

The index opened with a positive note and remained volatile throughout the last trading session. The local bourse posted an intraday high of 120pts, a low of 377pts and concluded with a loss of ↓305pts to settle at 43,033pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. Currently the MACD is bullish since it is trading above its signal line. The MACD crossed above its signal line 14 trading sessions ago. Since the MACD crossed its moving average, the local bourse has increased 4.78% and has ranged from a high of 43,887 to a low of 40,275.

The chart formation depicts that the index may find initial support near 42,800. A break below mentioned support can result into further weakness towards 42,500 and 42,200pts level. Alternatively, the index can face resistance near 43,400pts initially and then head towards 43,600 and 43,900 area. It is recommended to accumulate positions on weakness with risk defined below support.