Karachi, July 17, 2023 (PPI-OT): KSE-100_Faces a volatile session
Market View — Technical
The index opened on a slightly positive note and remained volatile during the last trading session. The local bourse posted a high of 221pts, a low of 224pts and concluded with a loss of 199pts to settle at 45,068pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. A white body candlestick witnessed and during the past 10 trading sessions, there have been six white candles and four black candles for a net of two white candles. The Index is currently 8.0% above its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last ten periods.
The chart formation depicts that the index may find initial support near 45,000. A break below mentioned support can result into further weakness towards 44,500 and 44,100pts level. Alternatively, the index can face resistance near 45,500pts initially and then head towards 46,100 and 46,500 areas. It is recommended to trade with a cautious approach and focus on profit taking.