Karachi, July 07, 2023 (PPI-OT): KSE-100 - Highest closing recorded in 14 Months

Market View - Technical

The index opened on a positive note and remained bullish throughout the last trading session. The local bourse posted a high of 660pts and concluded with a gain of 626pts to settle at 44,179pts. The volumes clocked in the last trading session were slightly lower than the previous trading session. The MACD is bullish since it is trading above its signal line. The MACD crossed above its signal line three trading sessions ago. Since the MACD crossed its moving average, the Index has increased 0.64% and has ranged from a high of 44,512 to a low of 43,405. During the past 10 trading sessions, there have been 6 white candles and 4 black candles for a net of 2 white candles.

The chart formation depicts that the index may find initial support near 43,800. A break below mentioned support can result into further weakness towards 43,400 and 42,800pts 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 trade with a cautious approach and focus on profit taking.