Karachi, September 20, 2022 (PPI-OT): KSE-100: Faces bearish session
Market View — Technical
The index opened on a positive note and remained volatile. The local bourse posted an intraday high of 217pts, a low of 177pts and concluded with a loss of ↓159pts to settle at 41,521pts. The volumes clocked in the last trading session were lower than the previous trading session. The Index is currently 4.6% below its 200-period moving average. Volatility is low when compared to the average volatility over the last 10 trading sessions. Volatility along with sharp fluctuations in the near future could be expected. Volume indicators reflect volume flowing in and out of the Index a relatively equal pace.
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 41,800pts initially and then head towards 42,000 and 42,200 area. It is recommended to accumulate positions on weakness with risk defined below support zone.