Karachi, July 19, 2023 (PPI-OT): KSE-100: Range bound activity witnessed

Market View - Technical

The index opened on a positive note and remained volatile during the last trading session. The local bourse posted a high of 198pts, a low of 194pts and concluded with a loss of 33pts to settle at 45,009pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. Currently the MACD is bullish since it is trading above its signal line. The MACD crossed above its signal line 11 trading sessions ago. Since the MACD crossed its moving average, the local bourse has increased 2.53% and has ranged from a low of 43,405 to a high of 45,971. Among the momentum oscillators, RSI (Relative Strength Index) currently at 70.85.

The chart formation depicts that the index may find initial support near 44,800. 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 area. It is recommended to trade with a cautious approach and focus on profit taking.