Karachi, July 11, 2023 (PPI-OT): KSE-100 - Bulls dominate amidst positive volumes

The index opened on a positive note and remained bullish throughout the last trading session. The local bourse posted a high of 394ptsand concluded with a gain of 378pts to settle at 44,585pts. The volumes clocked in the last trading session were comparatively higher than the previous trading session. During the last 10 trading sessions, there have been seven white candles and three black candles for a net of 4 white candles. The MACD is bullish since it is trading above its signal line. The MACD crossed above its signal line five trading sessions ago. Since the MACD crossed its moving average, the Index has increased 1.56% and has ranged from a high of 44,602 to a low of 43,405.

The chart formation depicts that the index may find initial support near 44,200. A break below mentioned support can result into further weakness towards 43,800 and 43,500pts level. Alternatively, the index can face resistance near 44,850pts initially and then head towards 45,300 and 45,500 areas. It is recommended to trade with a cautious approach, use trailing stop loss and focus on profit taking.