Karachi, September 16, 2022 (PPI-OT): KSE-100: Faces a volatile session

Market View — Technical

The index opened on a positive note and faced a volatile session. The local bourse posted an intraday high of 300pts, a low of 287pts and concluded with a loss of ↓240pts to settle at 41,772pts. The volumes clocked in the last trading session were comparatively higher than the previous trading session. The MACD is bearish since it is trading below its signal line. The MACD is sustaining below its signal line. Since the MACD crossed its moving average, the Index has decreased 1.72% and has ranged from a high of 43,052 to a low of 41,676.

The chart formation depicts that the index may find initial support near 41,700. A break below mentioned support can result into further weakness towards 41,500 and 41,200pts level. Alternatively, the index can face resistance near 42,200pts initially and then head towards 42,600 and 42,900 area. It is recommended to accumulate positions on weakness with risk defined below support zone.