Karachi, September 19, 2022 (PPI-OT): KSE-100: Closes below 50-SMA

Market View — Technical

The index opened on a positive note and faced a volatile session. The local bourse posted an intraday high of 149pts, a low of 169pts and concluded with a loss of ↓93pts to settle at 41,679pts. The volumes clocked in the last trading session were slightly lower than the previous trading session. Among the strength Indicators, RSI (Relative Strength Index) is currently trading at 42 level and has just reached its lowest value in the last 14 trading sessions which cements a bearish view. The Index is currently below its minor moving averages on daily charts.

The chart formation depicts that the index may find initial support near 41,400. A break below mentioned support can result into further weakness towards 41,200 and 40,900pts level. Alternatively, the index can face resistance near 42,000pts initially and then head towards 42,200 and 42,600 area. It is recommended to accumulate positions on weakness with risk defined below support zone.