Karachi, July 04, 2023 (PPI-OT): KSE-100 - Winning streak recorded
The index opened with a runaway gap and remained bullish throughout the last trading session. The local bourse posted a high of 2,481pts and concluded with a gain of 2,446pts to settle at 43,899pts. The volumes clocked in the last trading session were comparatively higher than the previous trading session. Among the strength Indicators, RSI (Relative Strength Index) is currently bullish and trading at a level 72.74. Daily parabolic SAR (Stop and Reverse) is below the current level of the Index. Volume bars are increasing dramatically with the bullish activity of the Index. The Index is currently 6.5% above its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods.
The chart formation depicts that the index may find initial support near 43,500. A break below mentioned support can result into further weakness towards 42,800 and 42,400pts level. Alternatively, the index can face resistance near 44,500pts initially and then head towards 45,000 and 45,300 areas. It is recommended to accumulate positions on weakness with risk defined below support zone.