Karachi, September 13, 2023 (PPI-OT): KSE-100_Remains under pressure

Market View - Technical

The index opened on a positive note and faced a bearish session. The local bourse posted a low of 398pts and concluded with a loss of 357pts to settle at 45,508pts. The volumes witnessed in the last trading session were comparatively lower than the previous trading session. Daily parabolic SAR (Stop and Reverse) is currently appearing below the current level of the Index. The Index closed below 38.2% of the fib. retracement level. During the last ten trading sessions, there have been four positive closings and six negative closings. The MACD is bearish since it is trading below its signal line. Since the MACD crossed its moving average, the local bourse has decreased 5.64%.

The chart formation depicts that the index may find initial support near 45,400. A break below mentioned support can result into further weakness towards 45,000 and 44,700pts level. Alternatively, the index can face resistance near 45,800pts initially and then head towards 46,100 and 46,500 areas. It is recommended to trade with a cautious approach and use stop loss during intraday trading.