Karachi, July 13, 2023 (PPI-OT): KSE-100_Bulls gaining strength
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 427pts and concluded with a gain of 359pts to settle at 45,515pts. 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 seven trading sessions ago. Since the MACD crossed its moving average the Index has increased 3.68% and has ranged from a high of 45,582 to a low of 43,405. Among the strength Indicators, RSI (Relative Strength Index) is currently trading at 78.23.
The chart formation depicts that the index may find initial support near 45,100. A break below mentioned support can result into further weakness towards 44,800 and 44,400pts level. Alternatively, the index can face resistance near 45,800pts initially and then head towards 46,100 and 46,500 area. It is recommended to trade with a cautious approach, use trailing stop loss and focus on profit taking.