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AKD Securities Limited Equity Research – Daily Technicals (September 22, 2022)

Karachi, September 22, 2022 (PPI-OT): KSE-100: Bearish sentiment persists

Market View — Technical

The index opened on a positive note and faced a volatile session volatile. The local bourse posted an intraday high of 138pts, a low of 349pts and concluded with a loss of 255pts to settle at 40,966pts. The volumes clocked in the last trading session were comparatively higher than the previous trading session. The Index traded with a positive bias in the initial hour but lost all gains and continued to decline. The Index is sustaining below 61.8% of the Fibonacci retracement (39,541-43,888) and technical indicators seem to support a further decline in near future. The RSI (Relative Strength Index) has reached its lowest value in the last 14 trading sessions (32.89).

The chart formation depicts that the index may find initial support near 40,800. A break below mentioned support can result into further weakness towards 40,450 and 40,200pts level. Alternatively, the index can face resistance near 41,100pts initially and then head towards 41,400 and 41,700 area. It is recommended to trade with a cautious approach.

akd-securities-limited-equity-research-daily-technicals-september-22-2022

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